From Bear to Bull...GBP/JPY Real Time Trade: Ascending Triangle
Hi dear traders, i wish I stuck to my "forecast"...or maybe not.
We had a couple of mixed signals, and a bit of whiplash. We survived it by still being ahead on our live account, but our Demo account took a hit.
To summarise a bit what happened, all to do with the G/J
Sometimes when we stick to our trading method (the trading selection part) we have these situations, specially when the market is in a very tricky juncture...
I am back long, however, taking a risk based purely on my bullish bias of a few videos ago. but I suggest to "wait for the completion of the current ascending triangle" which is considered a bullish continuation pattern. Due to day commitments, I sometimes need to take a "gamble" and go with my intuition, and this is pretty much one of those times.
So happy trading....
ps: I am not turning back into bearish even if the market reverses. As much as I am bullish, I still have in back of my mind the possibility of the gbp to retrace back to about 140.30 area which is the 618 of the most recent upswing and behind the broken Day Down Trend Line, however, that is due by end of week....if so happens in which case this "ascending triangle in the making" never completed....and instead the gbp would've travel to form a Bull Crown....on a larger timeframe...
1. Long Entry if the current Ascending Triangle breaks out: one 4hour or 2hr candle close above 142.33 with the stop at least at 141.60
2. Long Entry if the current Ascending triangle doesn't complete, the pound heads towards the 618 (140.30 area) to form a right tip of a new bull crown ----UNLIKELY