Keep pushing forward

Alternate between DAX and FX pairs

For now I'll be trading FX pairs mostly because it allows me keep my loss bare minimum while I still figure things out.

I will enter trades on 8h charts, I won't be looking or analyzing any other TF than 8h in case of DAX 15min chart. As for currencies I will trade mostly horizonal S&R lines occasionally combined with divergences, but if there isn't a divergence I will take the trade anyways given that its above or below my horizontal S&R with pin bars or hammers at key areas above or below 20ema along with the momentum.

GBPNZD up
EURNZD up
GBPCAD up
EURCAD up

Pound is stronger than euro for the moment

CADJPY down
NZDJPY down
EURJPY unknown (?)
GBPJPY unknown up (?)

I was waiting for the next candle on GBPNZD after 8AM long tail positive candle. But I guess for now I'm out of the game, price has gone up 15pips since then. I'm not willing to risk for long on GBPNZD now. But if it does keep going up I'm hoping to re enter on a pullback.

Yen crosses headed down (for now)

GBPCAD will it even spare me a decent long entry ? keeps pushing higher I would like for 1h candle to complete (that's the rule)

EURCAD still looks tradeable as far as risk is concerned but obviously pound is leading the herd

A little patience goes a LONG way
But indecision will ruin everything

GBPCAD long 0.05 lot

Out of GBPCAD long trade at breakeven

I was waiting for a bullish apex to form on 1h chart of GBPCAD in between 20ema and 100SMA but that didn't happen so I got out.

12h watchlist

1. EURNZD long
2. EURGBP long

I'll call it a cross, it usually indicates that there's going to be a push up higher usually the volume increases after this candle. The level was consistent it never even tried to push below the LL after the cross both on EURCAD and CADJPY.

I've also seen this form on USDCHF (last 2 images) since I was going against the main trend which was down I wanted price to make close contact with 12h 20ema but after the cross was formed price never looked back (went up 100pips). Next time around if I see one of these cross I will make sure to take the signal as soon as the cross is formed.

GBPNZD short 0.01 lot

got out yesterday.
currently flat.

GBPCAD long 0.01 lot

OUT>

Watchlist for 13:00

CHFJPY short.
Its a top.

Diversion > check
Close proximity to 20ema > check
Clean level > check *not as clean as I'd like but its good enough*

Yen crosses are headed down.

AUDJPY is a little too far from 20ema although this could still be a valid signal.

CHFJPY short in 0.01 lot.

TP1: 117
TP2: 116
TP3: 115

CHFJPY out +20pips

Knowing when to take profit is always tricky.

I'll work on it.

Extending on the rules of my method/system.

"Blending with the trend" segment.

Notice where EJ is standing at currently to me this is a top, and price is already below 8h 20ema it could very well jump higher to make new highs from here but from experience I know this may be the very limit in the medium term. So I won't be buying into this move. Its too risky. But I'll be looking to sell from here if price generates a signal. At a moment such as this my system tells me to wait "so I wait"

GBPNZD

backtest

CHFJPY

Backtest.

I think a good area to target for a profit or a reverse should be 200EMA whatever TF you're on. Some don't even bother reversing back at 200EMA they just pierce through as in the case of GBPNZD . And the closer we are from 200EMA the higher the chance price will pierce through the level (200EMA).

So the only thing that I can do to better control this situation is as in the example of CHFJPY I would keep the position running with the initial SL until it hits 200EMA, it if doesn't I take my loss but usually 80% of the time it should hit 200EMA, I will move my SL to BE or lock in some profits and carefully examine each candle "you need to be really careful at 200EMA if you're going against the trend, like calling a top or a bottom" if the patterns confirm that we're still headed the same way I guess I should learn to scale into trades ?

Thats where I'm going with TP.
Taking profit is hard.

CADJPY short 0.01lot in

I had a choice between this and GJ short but I liked what I saw on CADJPY more but that doesn't mean GJ was invalid.
Now on TP I'm going to make it run until it hits 200EMA, for now I have 85.40 but as 200EMA moves as with the price it could settle at 86.40 once price start ranging as it usually does before reversing. So there's not set number on take profit I'll have to see where it goes but rule of thumb should be to keep it running until it hits 200EMA thats what I'm going to do this time around.

CADJPY short is still going 25hours in.
I'm working on it, patience & discipline.

BOJ statement is due I think tomorrow.
I'll hold it through unless otherwise the PA looks bad afterwards.

Look at GJ and NJ, so its worth holding your already established position through an announcement.

CADJPY short still running its been flat for the last 38hours
I have no logical reason to close or make any amends to this trade so I'm keeping it going until it either hits my SL or TP.

I'm just taking a look at GJ short that I briefly mentioned on this thread when I was considering to go short on CADJPY.

it may hit 144.
if you want to make heaps of pips(or) money patience and discipline goes a long way on top of edge.

<><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>

I guess we'll see how things turn out tomorrow morning.

CADJPY short out at -10pips

this was beginning to look bad.
found support on 20ema, green candle with and upward tail.

I admit my entry was a little too early on this.
Next time you're picking tops be sure to enter as it closes to the 20ema.