This was a great trade. I didn't get to post it as GBPJPY was my focus, though it should be like my EURJPY idea. It's the same set up.
You have the break of market structure, then a mini pullback. - (sometimes you don't get a pullback if not I fib from the bottom support of the market structure)
I fib the pullback (higher low) to the high.
I then wait for the retracement to the golden zone.
I then see if price is being respected through candle stick formations when in the golden zone.
After I see if there's other confluences e.g. the 200MA helped to identify this was going to hold.
(The SMA cross really gave me a confidence boost at .382)
Risk 1.5%
Stop loss at B/E when TP1 hits.
TP1 / @ 0 / 30%
TP2 / @ .25 / 40%
TP3 / @ -.618 / 30%
You have the break of market structure, then a mini pullback. - (sometimes you don't get a pullback if not I fib from the bottom support of the market structure)
I fib the pullback (higher low) to the high.
I then wait for the retracement to the golden zone.
I then see if price is being respected through candle stick formations when in the golden zone.
After I see if there's other confluences e.g. the 200MA helped to identify this was going to hold.
(The SMA cross really gave me a confidence boost at .382)
Risk 1.5%
Stop loss at B/E when TP1 hits.
TP1 / @ 0 / 30%
TP2 / @ .25 / 40%
TP3 / @ -.618 / 30%
