GJ DEMO 11/18/19 & Holiday Update
Updated
Shorted GBPJPY this morning at the close of the 5am (EST) candle. Stop placed a 24-Period above the high, with a target of the immediate hourly level shown.
Note that other GBP pairs (EURGBP & GBPUSD) printed similar candles. I chose this pair for the story behind this candle:
- Nice rejection at my weekly level
- New high since May
- Decent range
- Almost no body
- Body is very close to the low of the candle
Last two weeks I've been on vacation with limited access to the charts, but I did continue watching and placing trades whenever I had a few minutes in the room and on layovers.
Two of these trades are ongoing:
A short on USDJPY's weekly SFP
A short on NZDUSD's weekly bearish engulfing
The rest were a combo of winners and losers. Met my goal the first week, gave it all back and then some the next.
Take aways:
- Don't overtrade, always pay attention to correlated risk.
- Be more selective in the characteristics and location of your chart patterns
- Be patient.
Overall I'm very satisfied with the progress I've been making.
Note that other GBP pairs (EURGBP & GBPUSD) printed similar candles. I chose this pair for the story behind this candle:
- Nice rejection at my weekly level
- New high since May
- Decent range
- Almost no body
- Body is very close to the low of the candle
Last two weeks I've been on vacation with limited access to the charts, but I did continue watching and placing trades whenever I had a few minutes in the room and on layovers.
Two of these trades are ongoing:
A short on USDJPY's weekly SFP
A short on NZDUSD's weekly bearish engulfing
The rest were a combo of winners and losers. Met my goal the first week, gave it all back and then some the next.
Take aways:
- Don't overtrade, always pay attention to correlated risk.
- Be more selective in the characteristics and location of your chart patterns
- Be patient.
Overall I'm very satisfied with the progress I've been making.
Comment
Entry on NZDUSD 0.64030 (Shorting the pullback after the Bearish Engulfing, entry ID'd on the hourly TF)Entry on USDJPY 109.209 (Monday open after the Weekly SFP close)
Comment
Cut NZD short for a negligible loss. I was not confident in that setup because the engulfing didn't close far enough below the low, and the location is alright.Comment
Typo: Stop placed above a 24 Period ATR above the high***Comment
JK re-opened NZD.Disclaimer
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