Last Friday turned out be an excellent day in Live Trading Room. We took short trades on EURJPY and EURUSD, both reached their third Profit Target making us total of +180 pips. GBPUSD and GBPJPY analysis was also spot on.
During the trial I am leaving all recap posts open to public view.
EURJPY and EURUSD trades below moved quickly to our profit levels at +15, +30 and +45 pips, a total of +90 pips.
We waited for price on 4hr to show us direction and momentum. Then we looked at smaller timeframe chart to gives us a good entry and Stop Loss. If you notice my last post on CADJPY and AUDJPY had exactly the same setup. Also the GBPUSD trade we took early in the week was exactly the same. Identifying these setups in real time is the real challenge and a skill you can develop over time after watching them alongside me.
GBPJPY and GBPUSD also had a great setup. We saw them breaking out of Support and we waited for price to pullback. In LTR I mentioned to wait for GBPUSD to reach 1.5550 and GBPJPY to reach 132.80-90 zone. After the breakout price reached exactly at those levels before heading down again. Here the key was identifying right zone for reversal.
Towards the end of the session we took a poll on how many people missed out on the downward move. Around 40% people didn’t participated the move and left with emotion challenge of “missed out a perfectly good move”. We talked about this in the trading room and don’t worry if you missed out, there will be plenty more such scenarios in future.