My trades are based on candle patterns, price action, trendlines and the MACD. I trade mostly 1 Hour and 4 Hour charts, but all timeframes are factored in trading decisions.
Sell USDJPY 106.13
Reasons:
1. Tweezer tops on 4 Hour charts
2. Up and down rhythm provides high risk/reward ratio
3. Close to an egulfing pattern on 1 Hour chart
4. 1 Hour closes below Trendline
5. Change in 1 Hour MACD
Stop Loss:
Above tweezer tops OR if 4 Hour closes near its high
Take Profit: 1/2 profit after 20 pips
Let the rest run until 4 Hour candle enters higher or price action on 1 Hour suggests the trend is reversing.
Result: Took 1/2 profit +20, remainder taken +10 after 15 minute candle closed above two previous reverse hammers. +15 total
Sell USDJPY 106.13
Reasons:
1. Tweezer tops on 4 Hour charts
2. Up and down rhythm provides high risk/reward ratio
3. Close to an egulfing pattern on 1 Hour chart
4. 1 Hour closes below Trendline
5. Change in 1 Hour MACD
Stop Loss:
Above tweezer tops OR if 4 Hour closes near its high
Take Profit: 1/2 profit after 20 pips
Let the rest run until 4 Hour candle enters higher or price action on 1 Hour suggests the trend is reversing.
Result: Took 1/2 profit +20, remainder taken +10 after 15 minute candle closed above two previous reverse hammers. +15 total