More failed engulfing candle trades

EURJPY pair in the H1 timeframe. Price created a bearish candle below a resistance line created by daily pivot points.

I've entered a short trade at the closing of engulfing candle.



EURUSD pair in the H1 timeframe. Price was creating a bullish engulfing above the daily pivot.

As usual, I've entered a long trade at the closing of engulfing candle.

Look, both the pairs have EUR common and USD & JPY is the other pair of the two trades. The two trades were just opposite to each other. Now see, USDJPY pair is in down trend. If it continues its downtrend then both the trades that I took above will go along my desired direction. Otherwise, I'll have to accept losses in both the trade. This is the draw back of trading in correlated pairs simultaneously.

What did I learn from all losing trade yesterday?

I lost all three trades that I took yesterday. To be more specific, one was at breakeven. Now, what did I learn here?

Mistakes I made- I took a trade with daily pivot keeping ahead as major support (Short trade). In another trade, I kept my SL too tight, not following the strategy. In more than one trade my exhaustion candles were not typical exhaustion candle. I pushed myself into the trade after being on the sideline for some time.

So, proper exhaustion candle, proper set up and proper SL & TP. I'm sharing these publicly for two reasons. One, to help the readers learn from my mistakes and two, make myself following the rules by not making the same mistakes again as everything I'm doing in public.

I'll go through the strategy again today. Hope to see you next week some good trades.

Happy Trading.

NZDUSD is on the way to create bearish engulf pattern in the H1 TF

NZDUSD pair in the H1 timeframe. It is now on the way to create a bearish engulfing candle in a small down trend.

The candle is yet live so it's not final. So I'm following it. Let's see what happens.

CADJPY & EURJPY long trade taken

CADJPY pair in the H1 timeframe. As I've posted few minutes back, I've entered for long in this pair at the closing of the previous candle.

Let's see... what happens...

Also similar condition in the EURJPY pair.

I'll put the update later.

Happy Trading





Quick Update:

Both the pairs hit the SL. It was inevitable if we look over to another correlated pair: GBPJPY

When there was an exhaustion candle at the above-mentioned pairs, here there was no exhaustion candle, rather a big bear candle.

I was aware of the condition but I wanted to experience it myself.

It's a demo account, so what to lose??

Again, Happy Trading.

Waiting for long entry in CADJPY pair

CADJPY pair in the H1 timeframe. Price is creating an exhaustion candle at the daily pivot.

I'm going to enter long here with a stop loss at the tip of the lower shadow and TP at near the R1 level.

Let's see what happens.

Happy Trading

Price action trading in multiple co-related pairs

AUDJPY H1

 AUDJPY, GBPJPY & CADJPY pairs in the H1 timeframe. All three pairs created bearish candlestick at a previous resistance level which was a very good entry point. GBPJPY pair gave the entry signal early which helped taking other two pairs in the same direction with the same conditions. Some very good deserving pips there.

GBPJPY H1

CADJPY H1

Happy Trading...

6:00 am (GMT +6) trade opportunities

NZDUSD H1

AUDUSD H1

GBPJPY H1

CADJPY H1

EURJPY H1

USDJPY H1

EURAUD H1

USDCHF H1

NZDUSD H1

AUDJPY late long entry on an exhaustion candle

AUDJPY pair in H1 timeframe. I was following the pair but somehow I've got involved in mobile handling.

I missed a good entry-level, even then I've entered the trade long.

A bearish pinbar after sharp fall can make the price to retrace to the next resistance level drawn by daily pivot. Let's see what happens next.

Happy trading.

8:00 pm (GMT +6) trade opportunities

EURAUD H1

EURAUD H1-40 mins after

AUDUSD H1-Bearish engulfing

AUDUSD H1- 1 hour after

AUDJPY H1- Bearish engulfing

Missed a trade in GBPJPY pair

GBPJPY pair in H1 timeframe. The first day of a trading week is usually not eventful. And also I was busy with family matters.

When I reviewed my selected pairs, I've found that I've missed a nice trade with 1:2 risk to reward ratio. Price created a bearish exhaustion candle at a resistance which was nearly an ideal candle to trade on.

 At the time of writing this post, the price already reached the probable target area for the trade.

Happy trading.

Bullish Engulfing Candle in AUDUSD.

AUDUSD pair in H1 timeframe. I'm following pro trading strategy in a modified form.

Entry is taken along the trend following a candlestick pattern. I'm using engulfing candlestick pattern.

Here, price is in uptrend in last two days. So I'm going to enter only long now in this pair. I'm following a bullish engulfing candle where I'll go long with the closure of this candle.

I'm going to update the trade about how it's going. Happy trading.