Morning All,
A trade I placed during NY session. Was a set and forget trade with a SL of 10 pips. Having got the time to watch the Tokyo & London session helped me to understand the story of the day atleast in my opinion..lol. The GBP/JPY was on a freefall in London session and did not see a setup to my liking for a good reversal. So around 65 or so pips of drop there was a 26 pips reversal. It didn't really happen near a RN or confluences so i was never in the trade. Just before NY Open a target was set on the upside which got my interest. A low of the Day was formed around 3 hours in the London session. I waited to see if that Low of the day would be broken. A HL was formed just before the NY Open, then quicky another HL which built more interest as it seemed that price will now look for higher targets, nothing guaranteed but just probability. I had marked 2 targets on the high side. Once the price started to go higher i just waited for it to break the RN and the 200MA. I was confident that it would hit the 2nd target. It did but my TP was a little higher. I was snoozing then and should have placed the TP a little lower considering spread. I normally take profit on the 1st visit but i was not at my PC. Luck was on my side as the price came back to my TP. A lot of patience and time spent for 15 pips or so but always better than a loss. In hindsight a little late on my entry but i was just trying to be cautious.
Trade Well All.
A trade I placed during NY session. Was a set and forget trade with a SL of 10 pips. Having got the time to watch the Tokyo & London session helped me to understand the story of the day atleast in my opinion..lol. The GBP/JPY was on a freefall in London session and did not see a setup to my liking for a good reversal. So around 65 or so pips of drop there was a 26 pips reversal. It didn't really happen near a RN or confluences so i was never in the trade. Just before NY Open a target was set on the upside which got my interest. A low of the Day was formed around 3 hours in the London session. I waited to see if that Low of the day would be broken. A HL was formed just before the NY Open, then quicky another HL which built more interest as it seemed that price will now look for higher targets, nothing guaranteed but just probability. I had marked 2 targets on the high side. Once the price started to go higher i just waited for it to break the RN and the 200MA. I was confident that it would hit the 2nd target. It did but my TP was a little higher. I was snoozing then and should have placed the TP a little lower considering spread. I normally take profit on the 1st visit but i was not at my PC. Luck was on my side as the price came back to my TP. A lot of patience and time spent for 15 pips or so but always better than a loss. In hindsight a little late on my entry but i was just trying to be cautious.
Trade Well All.
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