USDJPY Cypher near completion on Daily

Watching the 4H and Daily for Completion.

Comentário:

On Completion
open 2 positions short
Check RSI for very overbought conditions (65+)
P1 Targets at 1R (60/60)- Trail P2 to breakeven.
P2 Targets at T1 382, T2 618 (60(0+3)/*let it ride, watch for reversal conditions at key fib levels, keep an eye on RSI for oversold conditions)

Comentário:

In Trade @ 113.84,
strong bearish candle on lower TF and RSI overbought

Trade ativo:

Comentário:

I trade patterns, and structure, looking for Reversal and Continuation patterns, Double tops/bottoms, wedges, consolidation (boxes) and Advanced Pattern completions (Bat and Cypher mostly).
I focus on Majors and JPY pairs, due to lack of time to follow too many charts and markets.


Position Sizing:
I open 2 trades, each 1% of Equity (Total 2%E).
I never have more than 2 positions open on same day. so its possible to have as much at 4% Risk on a given day. Although I prefer to keep it to 2%. Depends on quality of trades, I take only my highest probability on Daily/4H charts. I use all TF as I do top down analysis, and open trade from time frame that is one higher than the TF that is out of sync. RSI, or seeing divergence. I go up 1 TF, then look for my trade setup conditions to be met using RSI and Tom DeMark trend lines.

Ordem cancelada:

Market Sentiment is holding this pair in consolidation, with bullish bias rising.
Manual Exit, Trade invalid for small loss.

Trade fechado manualmente:

Market Sentiment is holding this pair in consolidation, with bullish bias rising.
Manual Exit, Trade invalid for small loss.