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Welcome back for some more chart analysis practice. I found another trend continuation pattern opportunity here on GBPJPY. Here as you can see, the market broke below the previous lows of 134.57 and is now retracing back into a 0.618 Fib retracement level, which gave me my entry @ 135.23. Since my entry got hit, I put my stop loss 10 pips above the most recent high @ 136.68, and my target @ 133.28.
Opinion: So far, I'm not feeling to comfortable about this trade as the market has already broke above and closed above my entry, and is currently looking like it's going to stop me out. But, anything can happen in Forex trading, so we'll just have to wait and see what happens.
Ultimately guys, while trading can be very simplistic at times, it is genuinely a hard skill to master, and if you are serious about becoming a consistently profitable trader, then you need to master chart analysis. So, take it seriously, get out there and practice it every day.
Disclaimer: This is not a recommendation or an endorsement to buy, sell, or take any positions of any kind, in any market. This is for educational purposes only. I am not taking this trade in real life, and I have not back-tested this particular strategy on this currency pair, so I really don't know how this type of trading strategy will work on this currency pair. That being said, never trade anything you haven't back-tested on your own. Don't trade a strategy just because someone tells you it's a good strategy, always back-test the strategy in question over historical data before trading it with real money. Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside. You work hard for your money, so don't throw it away.
Welcome back for some more chart analysis practice. I found another trend continuation pattern opportunity here on GBPJPY. Here as you can see, the market broke below the previous lows of 134.57 and is now retracing back into a 0.618 Fib retracement level, which gave me my entry @ 135.23. Since my entry got hit, I put my stop loss 10 pips above the most recent high @ 136.68, and my target @ 133.28.
Opinion: So far, I'm not feeling to comfortable about this trade as the market has already broke above and closed above my entry, and is currently looking like it's going to stop me out. But, anything can happen in Forex trading, so we'll just have to wait and see what happens.
Ultimately guys, while trading can be very simplistic at times, it is genuinely a hard skill to master, and if you are serious about becoming a consistently profitable trader, then you need to master chart analysis. So, take it seriously, get out there and practice it every day.
Disclaimer: This is not a recommendation or an endorsement to buy, sell, or take any positions of any kind, in any market. This is for educational purposes only. I am not taking this trade in real life, and I have not back-tested this particular strategy on this currency pair, so I really don't know how this type of trading strategy will work on this currency pair. That being said, never trade anything you haven't back-tested on your own. Don't trade a strategy just because someone tells you it's a good strategy, always back-test the strategy in question over historical data before trading it with real money. Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside. You work hard for your money, so don't throw it away.
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