GBPJPY analysis - an example of a trading plan...




h1 chart - 11 pm Malaysia
spinning top candle??
will fibo 61.8% act as a resistance??

IF and ONLY IF, next candle turns bearish...
i might go short with stop-loss sightly above the spinning top...
and my TP at 161.8% fibo level (126.50)

this is how you should plan your trade and trade your plan...
:d

UPDATE: 12 am candle remained bullish as price tested 50% fibo level
will wait next set-up...

3 comments:

  • Hi, OK now I have a plan. But I still have question.

    1. Now a day, GJ swings so much, it more than 500 pips like this friday, what method u use in this case.

    2. your word "lock a profit" is the same of hedging?

    3. when the target is so far, u still leave an open position even when the price rebound?

    Thanks.

  • This comment has been removed by the author.
  • 1. don't really understand this question... but i am selling on rallies...

    2. no, i never hedge.. "lock profit" means once my profit is +30, i will move the stop-loss to b/e +5

    3. when the price rebound and hit my +ve stop loss, i will look for another entry....

    p/s by having certain target, you will have a direction... otherwise you will get panic when the price rebound

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