I'm dipping my toe into the waters. It appears a lot of the contributors to this thread are scalpers, and I tried trading on the 15-minute chart using Island's method, but it's not my cup of tea. Anyway, this trading method is more systematic which suits my personality. FYI, I use different abbreviations for engulfing models that make sense to me so apologies for the difference in terminology.
Anyway, I wanted to run this by the group as it appears that the monthly and weekly on USDJPY appear to be forming either unicorn, quasimodo or order block. Price needs to make a lower low before we can assume those patterns are confirmed. My trading plan is to wait for entry between the 61.8 and 78.6 zone for a buy then ride it for a couple of hundred pips. After that wait for the left should to form and then look for a sell.
Any criticism would be welcome.
Anyway, I wanted to run this by the group as it appears that the monthly and weekly on USDJPY appear to be forming either unicorn, quasimodo or order block. Price needs to make a lower low before we can assume those patterns are confirmed. My trading plan is to wait for entry between the 61.8 and 78.6 zone for a buy then ride it for a couple of hundred pips. After that wait for the left should to form and then look for a sell.
Any criticism would be welcome.
Attached Image (click to enlarge)
Duration: 1 month HTF Direction: 4H and above Concepts: FVG(unicorn), EG/EF Instruments: mainly GOLD and NIKKEI. {image}
