Recently I've taken a course on forex trading. This is one type of price action trading. So far, not bad. Last week I've traded JPY pairs as I had special attention on all of them.
To tell the truth, most of the time I was on study. Very little time to monitor price charts. So I'm going to tell about the two trades I had this week. My weekly target is at least 100 pips.
First, EUR/JPY pair. This pair is in uptrend. But now this was retracing and was moving sideways. I was watching it and waiting to see whether it is continuing it's main trend or breaking it. Yesterday when I was checking the pair, I found that it produced a triangle which is a form of consolidation.
At the base of that triangle, there was a nice pinbar which was good long entry signal. I missed it as I was studying at that time. Whatever, now price as to break out at any direction. But I'm expecting a breakout upwards.
I got my entry point at H1 time frame when price retrace afer breakout of the upper TL of the triangle. Grabbed more than 70 pips here. After price moving nearly about 90 pips, price again started to move sideways confinding itself in a range. I'm again expecting an upward breakout.
Almost similar price action in GBP/JPY pairs. I shouldn't take trade in related pairs same time as these add risks. But I took the trade as I'm now learning trading by price action. GBP/JPY pair was producing an ascending triangle. So naturally an upward breakout was expected.
Trade entered from 5m chart. I took the trade after the breakout, then pull back and lastly confirmation by the continuation of the prevailing trend. My S/L was below the upper T/L of the triangle. T/P was at 1:2 risk: reward ratio. I got it quickly. Price again came back to the upper horizontal T/L of the triangle and bounced back. Let's now see where it goes next week.
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