_ GBP/JPY + 92 pips last trade; New Trade: Bull Crown_
In post # 240 I forecast the possible formation of a Bull Crown Reversal for the G/J. In post # 241 I commented that the market didn’t form a correct “Harami” candlestick. I however, had a few reasons why I felt that I was still going to trade this “possible” reversal crown.
Well, I have now entered this long trade.
We will see how it pans out…
AUD/USD Analysis: I noticed that my post #242 coincides with my actual trade# personal recording which is the bull crown…so I am adding my analysis of the AUD/USD here for those of you that may be interested in trading it. I am not trading it, not because I do not believe on my own analysis, but for the simple reasons that (a) the G/J makes me far more money at far lesser risk and (b) because “I want to put all my eggs in one basket”…
So this trade is on my demo account, which I still have and use to “test” my new ideas. I say I want to put all my eggs in one basket, meaning really “I want to stay FOCUS” in all my ventures this has worked best for me. In punting I only have ONE system that I follow and it has survived over 10 years with continues profits…talking about consistency. But the key is not the system, but the “punter” the ability to be 100% consistent and discipline to bet the designated amount always and not to bleed units. I achieved that. In poker, I only focus on one tournament at a time. Although I do not longer consider poker a reasonable venue for income but only a hobby, I still apply discipline to my weekly home game. In real estate, we stuck to one strategy and it worked.
So, in forex, although I have been trading successfully for a long time, I only started to try to document my strategy since I pretty much started this thread, I looked to document and to update my method which now I have completed and it is now time to “stick to it with 100% discipline” and this include (at this point in time) stick to only one cross.
But, because one cross and one punting system is not enough to keep me “busy” I need to have my demo account where I “can get some action” to keep me out of trouble.
Luckily, life outside punting, poker and forex trading has kept me very busy keeping me out of trouble and allowing me to let my trades play out without my “interference”…
This is why I am not longer trading AU or EU or any other cross, but I am happy to show my thoughts and the trades I take on demo for those interested. This will also help me decide in the future (perhaps 2018) wether it is worth to add more crosses to my “Keep it simple and stay focus” strategy or not.