GBPJPY
has been on a massive bull run all summer long. It feels great to capitalize on the trend. I briefly gave you a "pre-market" analysis of my trade in the higher time frame on video earlier. Well, today we capitalized on a 1:9 Price that was on a countertrend in the four-hour timeframe(Red Line). I spotted a bearish engulfing forming inside my key level (area of liquidity) in the four-hour timeframe. This was a call I had to make quickly, take the trade or forget it. It was no sense for me to study this chart all night, and not to take the trade. So, I set a Fibonacci and found my golden zone. Allowed price to retest, set my risk-to-reward ratio based on the fib of the most recent swing low, to the most recent swing high. . I took my two solid confluences, and set a buy limit. . It's FRIDDDAAAAAAYYYYYYY! I like to connect with you, so share your feedback!
What are your thoughts?
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes. I identified a counter-trend properly.
I made entry at an golden zone.
Set my take profit 1:9
WHAT DID I DO WELL?
1. Identified A Continuation Entry.
2. Traded the pair in my session!
3. Entered The Market With Confirmation.
WHAT CAN I DO BETTER?
Flawless entry, but continue to improve on your entries, and exits.
WHAT DID I LEARN?
1. Identifying Reversal Candlesticks increase the Ratio Of Success.
2. #setandforget
3. Allow the market to give you a confirmation before you enter...
DID I PREPARE PROPERLY?
YES, I entered a trade with several confluences in my technical analysis.
*NEW / GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Consolidation, in an overall bull market, indicates a high probability of a bullish continuation.
You have to be like water sometimes, and go with the flow ;)
This time I set my price, doubled down, and wait for a confirmation.