I am new to Forex as well as Babypips Forum but today I want to share my view on the Daily, 4H and 1H TF charts for the Babypips community.
From the Daily and 4H charts of USDJPY, we may see that the Major Long term trend in USDJPY is Bearish. However, it has entered in a short term correction phase,so we can exploit it with tight money management rules.
On the 1Hour chart, the price is trending within a channel and also it is above the Kumo / Cloud. We can also see a Cloud Twist on 1H chart which is signaling a Bullish Future Cloud.
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Currently, it is trading around 38.2% of Fib ratio and we can expect further upside upto next Fib ratio which is 5%.
@Navs24 Although you have tried to make fun of me, yet it is a compliment to me that you found my analysis as compared to an expert or professional Analyst.
Yes dear it is 100% of my own analysis. Why do you have any doubt on it that I have copies it from other site? Didn’t you see the above charts with the same DP of mine on top left corner of the charts.
However, I am attaching my Account statement of Yesterday and Today for your further satisfaction.
From the above statement you would observed that I bought 5 Mini Lots of USD/JPY on 19/02/2018 at 16:47 (Pakistan Standard Time) at a Price of US$.106.680. But, today I have partially Sold 3 Lots from my Open Position at US$.107.183. just because it was near the Resistance Level of Fib 38.2%. And the remaining 2 Lots are still showing in my Open Trades. After doing that I have also readjusted my Stoploss twice.
I hope you would have satisfied now…
@PipMeHappy - Hi, I tried to act upon your advice. and only open one position.
One question I would like to ask you. When I tried to close a partial lot of 0.30 from my Open Position and did it from the Closed Deal option with Sale Limit Pending Order. I was surprised to see the next morning that instead of reducing my Open Position there was another Sale Deal of 0.30 lot and it was almost down by $29/=. Which I immediately closed.
Would you tell me what I have done wrong and what is a correct procedure in MT4 to close your Partial Lot?
I do not use MT4 thus I cannot answer your question… It sounds like there was either a broker error or a liquidity issue… Have you contacted your broker?
@dudupips .Yeah - you may be right. Thanks for your update.
The price has touched 107.806 slightly above the 61.8% Fib Level and trending near the 1H TF Upper Trendline at 107.725.
But it is trading above the 200 EMA at 1H chart… It is still above the Kijun Sen Line as well as the Kumo. However, the ADX is indicating the weakness in trend.
If you check the 15M TF chart, you would notice that a Large Bullish Candle stick has formed, which has almost touched the Fib line at 61.8%. The Chikou Span as well as the ADX and Stochastic is also showing upward movement.
NOTE: I have readjusted my Fib Ratio so you would notice a difference in my current Fib ratio as compared to the Fib ratio mentioned at my above original chart .
allright.you are a newbie,ok?and most newbie is wrong!so so ,usdjpy will down.
ofcause it is just a joke.
Now lets try a game.
Short [email protected]
stop loss 108.8
target price 106.8
Let me see what will happen?
@tralaritralara Please keep in mind that the major trend is Bearish and current movement is a correction phase. So you are very right to take a Short Position in USDJPY. But the question is WHEN???
What I have done is to catch a Short Term Counter Trend which is a risky movement and no Trend follower would appreciate it.
But as I am a Newbie so I am experimenting every option what I have learned in School of Phipsology,
That’s what I mean. We should wait for a confirmation to start a buy or sell trade and not just because an indicator is showing a bullish or bearish signal.
I have stopped using indicators from some months ago and it seems to work well. My trade on your retracement was shorting on XAUUSD, I will take profits today, and wait for bearish confirmation on USD pairs. Anyway, in the long run, I don’t think they will surpass their previous low/highs.
Trading counter trend still possible to obtained profit, but also need to use tight risk management to avoid reversal major trend that may endager account if eventually before closed order but the trend already continue to major trend, it could causing big loses, if already floating profit might can modify stop loss in profit or exit if already reached target
