Well done Ihlas... I really dont trade currencies mostly indices...But I see this is a trade I would have taken myself.
We have a 3 day rise Mon Tues Weds which culminates in a PFH peak formation high... A typical 3 day/Wednesday scenario that I know MoodyBot Andy is keen on
Why a PFH? well price takes out the previous weeks high PWH and fails to move higher...resulting in the market trapping long traders and taking out short sellers stops above PWH ... Price goes 30 pips above the PWH up to 137.00 and falls.
That big yellow box is trapped Volume and as Asia session begins Asia sets the Daily high just above the PWH with a nice bearish gravestone Doji..
We know that each day the markets move from H-L and L-H towards PDH and PDLs and previous session H/Ls Simple Market Mechanics.
So important these "Horizontal lines" whether they are Monthly/Weekly/Daily/Session open/close...Monthly/Weekly/Daily/Session High/Low.
The phenomenal trader with 50 years of high 40+% avg. returns Peter Brandt is a classical chartist trader... He Highly favors "Horizontal Lines" for a reason as many of us know Must be something to it eh ?
Back to the UJ anyways as Ive said Trade from the outside...and this Trade of Ihlas is a textbook prime example...Perfection really IMO..
So many things in play from the PFH of the Week to the PFH of Asia where a beautiful entry is.. From the PFH kissing 137 BRN to the trapped volume of long traders...to the PDL target ( yes a horizontal line representing price lol) Like a symphony of textbook Market Mechanics with all parts in harmony..
And did anyone notice the precision of the GJ in Asia...Price heading down stopping on a dime on the PDL and plowing thru...then stopping precisely on the PWL and then plowing thru settting up the huge run down. Which is a good lesson to never make a trade simply off price touching a line...you need context and confluencing factors or you will get burnt. Been their done that one more than once lol...not too many mistakes I havent done multiples of times lol...
So heres some of my charts of the UJ with my take on "Demystifying" Ihlas's great trades... Many ways to trade as Pete says this is just my take on what works for me....
Cheers and have a great weekend to All,,,
Blue
The Best Loser Wins
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