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GBP/JPY break down entry.
Entry triggerl: wide spread down candle, with close near the low
Volume: High volume
Entry price:193.344
Stops: 193.357
ATR: high level
Can you help answer these questions from other members on NexusFi?
I closed the trade, because of appearance of high volume narrow down candle, it may form a congestion here. upon checking th 30 min time frame doji up candle print indicatin congestion.
The daily charts shows, price action is now on buying area.
exit price 192.220 13.1 pips up.
Close this trade when a volume spike appears at8/21/2015 2000 with narrow down candle, I interpret it as a buying volume. The downside continues by 85 pips and move sideways, but still looking weak as the last 3 candles showing shooting stars with low volume.
Im looking for continuation of downtrend, maybe enter in retracement to the upside by 50% or wait for the market to consolidate then enter on a breakdown.
But if the market breakout to the upside, I will closely assess the probability, checking my parameters, like volume meter and price action.
Due to my line of work, Im having a hard time keeping up with all the price action using 1hr time frame. I tend to overtrade and overanalyze. Im became a lot stress so I can't concentrate better.
My adjustment is to trade using daily charts, I might trade the 14 Majors pairs that might present my setups.
GBPUSD trade details.
Entry trigger breakout from resistance line at price 1.577.7 but the close is slightly off the high with average volume.
sTOP placement at1.5624 previous fractal low. I thought this is a genuine break out but on the second day price reverese back down printing bearish engulfing pattern with low volume. I exit the trade because of the pattern, my second thought is to hold it because of declining volume to the downside price action.
I might wait for the price action to breakout again either to the downside forming a rising triangle breakdown or the ideal setup for this pattern to the upside.
NZDUSD setup.. a nice consolidation pattern. Im just waiting for the break out again, the chart might breakdown because of the previous wide range price action that pierce the support area, but close back inside the consolidation area with no follow through to the upside. breakdown is probable. I will wait for now. another hypothesis is accumulation phase might in the works right here, anyhow a good breakout may give the answer.. Just Follow the market at any means..
I realize I buy at resistance area, not noticing the price action background and a strong resistance at price 1.58160.
It looks like the price action are pressing this price level as shown by rising support forming a rising triangle or pennant.
The plan: I will for the breakout with high volume and close near the high or the low.. enter using micro lot only.
TRADE DETAILS:
Entry trigger- a wide spread bearish candle close almost at the low, breaks the rising trendline with high volume and transactions levels.
price entry at- 1.54744
My target price area 1.48790 to 1.4750
stops at 1.58344 pips risk 350 reward 660
Price goes a little on our favor, I am now at support level. Im thinking about of closing this trade with a marginal profits, because the price bar narrows with small wicks below and rising volume. UK gdp data will be release today at 430pm our time. But the previous wide spread downcandle telling to hold this position..
Plan: I will for this candle to form, if the candle forma bullish engulfing pattern with average to high volume I will exit either marginal profits of small loss and therefore conclude a failed rising breakdown triangle.
