Good day) I watn to show how I trade a pair GBP/JPY on this hebdomand. Well, I wrote articles by topic "short position on currency USD/JPY". If you look at the chart USD/JPY, you will understand that the board of the previous article was right. It is great :)
So, let's begin. The first transaction made on Monday (1.08.2016). GBP/JPY - Daily chart. We whatch support area. That's all we need to know on this timeframe.
We move to four hour and abserve down trend by extremes and momentum. In this case we trade just in short position.
Also, we have resistance area.
And resistance area from pattern "Inside Bar".
Pattern "Pin bar" formed in this range.
We can sell but let's move to hour chart where we with you observe pattern yet. I think you know what kind of pattern.
Right, Inside Bar!
Now, stop loss will set behind high of Pin bar. Take profit set by the ratio of risk to reward of 1:1.
Eventualy, I took profit. I invested 15% of the transaction. Respectively, I took 15% of profit.
I made one trade deal for a day $)
################ New day began
Tuesday (2.08.2016). USD/CAD: I"ll start with the 4 hour timeframe. We repeat our analysis anew. We observe downwoard thend through extremes and momentum.
Also, I watch resistance from minimum.
Another one range located between levels 0.5 and 0.618 of Fibonachi. It is key claster.
What do we look? Pin bar is on ranges again.
I move to hour and drav trend line. This area again.
We see models such as PPR and DBH on the hourly chart.
All it speak us that price will go to down. I take short position with ratio of risk to reward of 1:1. I think that you wil determine where located the stop-loss and take-profit.
My investments accounted for 15% of the deposit. I closed in plus.
