The GBPJPY just formed a shooting star at a recent resistance which is also 786 and 618 of previous/recent down swings
This was enough for me to decide in closing this trade at b/e point (resulting in 0 pips)
I will be watching the 4-hourly chart to see if this turns into a confirmed evening star, in which case I will short it
As per my previous post, I was looking at shorting the GBP/JPY (reversing from our previous LT#5) because the market has failed to take out the most recent resistance formed at the 618 / 786 area of previous down swings and harami candlestick
All of this can be seen in the H2 and H4 charts
The H2 formed a Doji candlestick, whilst I am very tempted to short the market right now, I will need to show some discipline and wait for a H4 candle confirmation (Evening Star)
For this to happen the pound will need to close at or below 141.97 by 18:30 hrs (that is the next 4-hourly candle close AU time)
Furthermore the RSI is showing “divergence” signals in all time zones 30m - H4…
Let’s wait and see…
Note: I only use the RSI for further confirmation when I am entering against the immediate trend. I rather keep my trading and method “simple” as stated previously.
LT#6 AUD/USD is now at Break Even. GSLO1 @ 0.7665
Live Trades #7 & #8
The previous thread shows my current positions. I mistakenly called it LT#7 when in fact we are up to LT#8
Current positions are shown as:
LT#7: GBP/JPY Long @142.46 GSLO @ 141.92
LT#8: AUDUSD Long @ 0.7671 GSLO @ 0.7626
In all honesty, I regret deeply having entered the GBP/JPY. I was frustrated that I had entered yesterday at 142.05 only to exit due to a Shooting Star. I then proceeded to ignore this signal and entered in what I thought was a break out of the 382 fib…This is probably the first trade I have entered that I am not happy with (regardless of the outcome)
The AUD however, as per attached analysis, appeared to me, to have formed a Right Tip of an upside down Continuation Crown. I entered on a H2 & H4 Engulfing formation at the most recent 786
happy trading
fxpirana
LT#7 & #8 stopped out
No surprise here, if you analyse the charts, they were not in line with my struct method. Impatience got the best of me
So we have a slight set back with only +1.6% bank increase…
The two crosses are choppy and don’t see any trade set up any time soon maybe end of this week…
lets wait and see
happy trading
GBPJPY & AUDUSD are not giving any strong signals so while we wait went out on the look on my watch list
(where I have EUR/USD, AUD/JPY, EUR/JPY, USD/JPY, and USD/CAD).
Like I mentioned, we mainly trade GBP/JPY & AUD/USD for the simple reason that I have undertaken lots of research of my method applied to these two crosses.
happy trading
fxpirana
audjpy 4h s LT09 87.67 trail stop hit 87.58
usdcad 1h b LT10 1.3051 ham invalidated closed @ 1.3033
usdjpy 2h b LT11 113.80 gslo 113.42 tp 114.51
usdcad 2h b LT12 1.3054 gslo 130.03 tp 131.16
graphs in next post tomorrow…
happy trading
fxpirana
Fri, 17-Feb-17 02:30 gbpjpy s 141.57 s 142.41 tp 139.76
Fri, 17-Feb-17 12:30 eurusd b 1.0673 s 1.0444 tp 1.1387 (Long Term Trade Wkly)
Fri, 17-Feb-17 13:30 usdcad s 1.3062 s 1.3609 tp 1.1968 (Long Term Trade -Wkly)
EUR/USD & USD/CAD: With the recent great move of the GBP/JPY in my favour, I decided to dump the LT trades and await for the EUR/USD to possibly retrace and form a reverse crown by the 786/618
Currently the only open trade is the GBP/JPY that I hope will help me get to my +10% of bank target I had set at the beginning of this week…
happy trading
[B]Results to Date:[/B]
Pips = +107
Bank Inc = +3% (but this includes an open trade LT#13)
Change from Last Week: 0%
[B]Lessons:[/B]
[B]1. Lack of patience cost me $$:[/B] I learnt that I simply have to stick to my original rules. The reason why I started this challenge in the first place!
Using the Daily chart, we identified the Right Tip of an upside down Reverse Crown
at the 786/618 of the bottom of the range on which the EUR/USD has been trading
LT#16: We also have moved our AUDUSD to break even after a 618 1H shooting star
LT#13: We are awaiting for a h1 or h2 formation during the recent retracement to move our stop just above the high if it forms a candlestick signal at the current 618 levels
Live Trade #13 Short GBP/JPY Stopped out
Average closing price was 140.61 +96 pips 
Now I only have 2 live trades but the AUD/USD is pretty close to hitting my b/e stop
Live Trade # 20 GBPJPY Sold @141.56 Stop 142.13 TP 140.18
Tech Reason:
786 of recent downswing on 4h chart
4h chart Evening Star
2h chart Dark Cloud Cover
1h chart Engulfing
30m Harami, Engulfing
in addition to breaking the inner trend line in the 30m chart and forming the RT of a Crown
HAPPY TRADING 
Now trade is +100 pips, so our Stop is now at b/e
I have also moved my tp down to the 127% fib extension instead of the recent up swing 786. I noticed that the gbp also made a crown right tip as per attached picture which makes my entry even stronger and reason why i think the gbp has a high percentage chance of going beyond the 786 of the upswing (around 142.13) but rather go to its 127% fib extension (139.30 area)
