02.11.2020 KT Trade GBP/JPY Long 10m
This is a kitty stowwy of how a kitty cat stood against a Dragon!
This brave kitty warrior was scanning charts on one cold Tuesday night when he kitty saw the Dragon chart breaking the 142.153 swing high. I figured it would make a new swing high coz price action told me it was a higher high and a higher low. I also figured my Kittymoku system tells me this is a possible candidate for continuation.
(1) There was a bullish cross of the Tenkan Sen with the Kijun Sen
(2) The cross happened above the Kumo (Kumo was also bulish)
(3) Chikou span was above the price line
All of these factors made for a valid strong signal. But… I missed it! I would be chasing or betting on continuation of the move which is a bit risky.
But lookin’ at the higher time frames, I figured the bullish move was not yet over.
So I looked for signals that the move may still continue:
(1) Price was still above both Tenkan Sen and Kijun Sen
(2) Tenkan Sen was still above Kijun Sen
(3) Tenkan Sen and Kijun Sen were both still above the Kumo
(4) Chikou span was above the price line
I figured that 142.331 was gonna bee my entry point. Cutloss point was set as some pips below 142 coz I kitty figured it was a resistance area that was kitty broken and was tested twice (2x) sucessfully as support.
142.522 was ganna bee my take profit area
Round 1 the Dragon nearly hit my stop loss but missed it by a few kitty pips. (So close!)
As price moved up again towards my trigger price of 142.331, I placed another order with the same stats as the first. But after it executed my long entry, it ranged this time but it wasn’t hitting my stoploss either
I figured that as long as it wasn’t hitting my stop, it’s probably gonna range till it figures out what to do. Looking at the bigger time frame context, I was sorta confident this range was gonna result in a continuation of the uptrend. During round 2, Tenkan Sen and Kijun Sen gave me a bearish cross but immediately corrected it with a bulish cross so I put on another tranche with the same specs as the first 2.
During round 3, price nearly hit my take profit orders but dis cat was not wuvvin how the price was just playing around the range after a failed break of my take profit level. Bullish and bearish signals contradicting each other meant it was a range and I was still technically okay. I had my stops and limits to take care of me and my kitty gut knew there had to be a 2nd attempt at least to take the 142.522 level.
It was lunch time so I figured I put in a 4th tranche as it behaves inside a range and I wasn’t in imminent danger anyway.
I kitty munched my lunch and was surprised to have all 4 of my tranches take profit! Pawesome!
And that is how this cat took on the dragon!
Now comes my next quest!