GBPJPY went down from 146.9.
Anyone expect that? I bought around that point on the basis of 1 bounce from the old trendline expecting it to bounce again.
Which trendline are you refering to? Keep in mind a 1000 pip range when trading this pair.
So for me it was short from the 150 level, possible buy at 147, break of 147 short… i"ll be looking to buy possibly 142 area, though a trip to 140 is not out of the question
Looking at the 4hr, we can see another double top at 151, just like when it was at 142.
Its not impossbile to see a break of this to the 160 level in the next couple of weeks.
Look for the symetry of moves and pattern duplication.
This trendline here, though I agree it broke once already, it looked like it bounced off it again at 146.4 to 19.63 near the right of the chart.
I went short at the red arrow, good trade or not despite the obvious movement away? Thinking I should have waited for the candles to form. My problem is that by the time the candles have formed, the price is away from the resistance line so my stop needs to be wider therefore risking more?
You didn’t redraw your trend line, once it has broken its no longer valid.
It respected the trendline so far, I’ll be looking to get short around 150.5 or there abouts.
Short at 150 is from the resistance line, which is fair enough.
Short from 146 not a good trade then?
Well I can’t say good trade or bad. Just that the previous candle broke the 50 EMA which gives me a sign its going up, the new candle opened above it. So depending when you got into the trade at 146.9, you had probably a few opportunities to get out with positive pips.
though I use the 4 hr to get a general direction, but i place trades off the 15min TF as you know
Could it not bounce off the 50EMA as resistance?
Interesting that you say I had a few opportunities to get out with positive pips. This relies on just getting say 50-100 pips with the bounce off MY line if other traders thought the same. However, it relies on sitting at the computer. If I was trading for S&R, which might be 300 pips apart then this would have definitely been a failed trade.
Yes of course it could have, but typiclly when the next candle opens above it, its more likely going to continue.
Again, this comes down to trade management, removing risk, partial profits…etc. etc… we have had this discussion a few times and 50-100 pips is not too shabby imo.