CHART ART: USD/JPY Double Top Pattern Continued **+12 UNITS PROFIT!!**
GOOD AFTERNOON STEEMIT!
I just wanted to write a quick update on yesterday's CHART ART: USD/JPY Double Top Pattern.
After taking a stop out on EUR/USD the night before, the risk rally saw USD/JPY resistance hold instead and gave us an opportunity to start building a short position.
The key to my trading is keeping losses small and adding into a winning position to really be able to hit the odd home run. In this case, I took a -1 unit loss on EUR/USD and then from 4 USD/JPY entries, was able to take a +12 unit winner.
Just think, that without adding into the winner, it could have been as low as -1 then just a +1 to break even for the week. But instead of that, my entries have given me +11 overall!
When my trading methodology post is finally done, a huge part of it revolves around risk management and the simple concept that everyone knows, but nobody actually does, in cutting losers short and adding to winners.
Chart Art
Just a quick before and after. An ACCOUNTABLE before and after where I've walked through the setup as it was unfolding both on Twitter @forexbrokr and on my Steemit blog in the linked post.
I know there is nothing worse than a before and after post with zero accountability on background. Yet social media still seems to lap these sorts of posts up.
Sigh, humanity...
USD/JPY
Now taking a step down into the intraday charts:
15 Minute:
Now...
15 Minute:
With higher time frame resistance holding, we look to sell short term support as it turns into resistance.
Here you can see just step, after step, after step of this little setup playing out. I don't really give a shit what caused it, but if momentum is there, I want to be able to take advantage of it.
I was able to CRUSH this one! :)
Did you?
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