GBPJPY Sell SchematicBased off the current price action I see, I believe that a potential selling opportunity has presented itself.
Tight stop loss, high reward.
Widowmaker
2023 Widowmaker Spread BreakdownThis idea is an analysis of this season's widowmaker spread breakdown done in hindsight for future reference. See idea linked below for last season's widowmaker analysis. Idea explained on the chart.
Snapshot of chart before publishing distortion:
GJ in motionAttention all traders!
Based on my experience and studies of price action, I am predicting a selloff movement of the Forex instrument GBPJPY.
Price action is a method of technical analysis that looks at the movement of a security's price over a specific period of time. It is used to identify patterns and trends that can be used to make trading decisions.
Price action traders believe that the collective actions of all the participants in the market, be it institutions, individual traders, or algorithms, are reflected in the price of a financial instrument.
Therefore the price chart itself, is the best indicator of market sentiment and direction.
Price action trading does not rely on the use of indicators, such as moving averages, stochastics, or relative strength index, etc.
Instead, price action traders like myself use clean charts and focus on key levels of support and resistance, as well as chart patterns and candlestick formations to make their trading decisions.
Using price action can be a powerful tool, but it's not foolproof. It should be used in conjunction with other analysis and information like news, fundamental analysis and market sentiment.
However, it is important to remember that trading always carries a level of risk and it is essential to have a solid risk management plan in place.
It's also crucial to remember that the key to successful trading is having a long-term vision and not getting caught up in short-term fluctuations.
Don't let one move shake your confidence in your strategy.
Stay disciplined and stay the course!
#forex #GBPJPY #trading
Long term GJ Projection IdeaThis PA will take some time to play out but I am sharing the main prices im watching to catch some nice meat cleavers. A lot can happen between now and then so a million things can cause this to not play out but i do like what I see. Please read chart notations for further breakdown. If you have any questions feel free to message me. I am long shorter term into the long term short play.
This chart is strictly PA analysis, I have not checked COT or data projections on it yet. When i get around to checking that I will post any findings in the updates section of this chart.
GJ Short setup formingWe do have some impactful USD data coming up - being that Japan and USA are such big trade allies, oftentimes the yen piggybacks on USD strength. I would like to see the price delivered above the midnight algo candle high into the bearish 4H OB- to produce a clean short opportunity for us. Let us see where the price is at and what it is doing at UK open.
One Small CorrectionAs I pointed out before this is a bears dream and while I have placed other trades over the years, with very few exceptions all I do is buy Long Term Puts on UVXY. I made a comment on another post that it would take Armageddon to make UVXY appreciate that is not entirely true. While there is a chance the position could appreciate 10-20% at some point in time, the one thing that is an absolute certainty is that appreciation is NOT sustainable.
With all due respect to other parties, trying to predict when UVXY may pop or using graphs/technical analysis in regards to UVXY is like using witchcraft to predict the future....but I’d have more faith in witchcraft in predicting the future than I would using graphs or technical analysis to predict UVXY. Except for the occasional speed bump UVXY only knows one direction and that is straight down. The first clue that this the Clifford with fleas is the NINE REVERSE SPLITS it has had since its inception in October 2011. If you are calling for an increase in price for UVXY I have to wonder what your upside target is for HMNY. Many a genius has lost their rear by “calling” an increase in UVXY. The reason why is simple. You can not predict the impossible.
Incredible extreme in NG Widow MakerThis spread is called the Widow Maker and right now, you can see why this spread has its nickname. The extreme becomes more and more extreme. However, we think now is a good time to sell this spread.
If you sell this spread then you are trading 2 things
sell March
buy April
The goal is that the spread is tightening again.
From Widow Maker to StranglesI chickened out of my Widow Maker spread and closed out my position. I replaced it with a 2.7 / 3.6 strangle giving me a total of 2 strangles on. My plan is to strangle the widow maker and make some gains or at least scratch the entire trade.
Horrible puns intended.
Widow Maker Spread 2017I bought this Widow Maker spread where I thought it was at a low. Apparently it's lower. I sold a PUT to reduce the cost basis.
Nothing to do but hold through the draw down.
My cost basis is 0.210
