Igmak - GBP/JPY Trading

Preferred Broker
I use Oanda for trading and WHC & FXDD MT4 platform for my charting.


Igmak Money Management (IMM)
Maximum Risk: 5%
Risk Ratio: 1:3 (initial SL 100 pips to TP 300 pips)
I divide my full position (5% to 5-10 different stages or 0.5%-1% each)
I always put my SL with +10 on my average position. So I do not lose money this way even if it is going to go against me.

Recomended MM Book: "The Trading Game: Playing by the Numbers to Make Millions" by Ryan Jones

Example
Position 1: 171.50 with SL 100 pips @ 170.50 with 1% account, if it goes against me here I only lose 1% of my account capital
Position 2: 172 with SL 100 pips on average position @ 170.75 makes 2% account, as price goes up I move my SL above average price +10 pips which is 171.85 (at this point I don't risk any of my capital, just make profit)
Position 3: 174 with SL +10 on my average position @ 172.60 makes 3% account
And so on …


Timeframe
I trade only 4hr, Daily, weekly charts with help of 15m and 1hr on choosing better entry



Tools

1. Price Action (PA)
2. Moving Averages: SMA(5), EMA(50), SMA(100)
3. QQE(5) and GANN Line(10)
4. MACD Classic and Hidden Divergences
5. Stoch(12,26,9)
6. Momentum 1,10,14
7. Fibonacci Retracments (FR) and Expansions (FE)
8. Trend Lines (TL), Channels
9. Chart patterns: Head & Shoulders (H/S), Double top/bottom, etc.

Strategy
In order for me to see the setup I use all or some of the above tools.

Examples
1. Combination of 50ema and any divergence
2. Trend continuation: QQE crossed earlier than the candle came across GANN line and PA is moving very little while the QQE is moving faster. QQE crossed but price did not cross GANN Line, indication of trend continuation as long as price did not cross GANN Line. If PA below or above 1h 50ema and 4h GANN



Warning
Do not follow my trade suggestions blindly. I could be wrong.
Please learn how to trade and you may use any of the stuff here as confirmation on your analisys.
Use proper Money Management. Trade @ your own risk.


P.S.
Please post any of your questions, suggestions or comments.

Howdy igmak will keep up with you here. Nice call last night on the GBP/JPY!!!

Thank you.

By my calculation we may have valid inverse H&S on GJ which makes my final TP @ 193.70. However, Fib retracement 50% of 215.93-165.98 is 190.95.

In order to get there we need to close above the NL (green line) @ 181.

If this pattern validates, my TPs are 181, 190, 193 for now. May check later when GJ gets there

GJ broke upper 1hr TL. IMO, GJ will go higher.

IMO, It was pullback to former 1hr upper TL which works now as support.
Also, most lower FTs were on OB levels 6-7 hours ago which fixed that too.

DJI has massive hidden bullish divergence. It does not mean that DJI will go lower, but by my calculations we may get H/S on DJI too. It will not happen in months but IMO it will take years to develop.

If GJ will break and close above upper TL, next level will be 181 which is NL on my chart.

My conservative 1st TP will 190 which is near 50% FR (197-166), 161.8% FE and daily 50ema.

IMO, GJ down move was pullback to broken former upper TL and 4hr 50ema.

I not very much well trade on this currency. It is too sharp and rapid.

I would not recommend trading GJ live for you. If you want to learn, use DEMO account first to master your skills. Good luck my friend.

Nice move. My SL was hit for 150 pips.

Now, if lower TL will hold we might see 190 otherwise GJ will test the low 166.

Also, I think we might have bearish continuation, but I will enter short if and only if 4hr candle close below lower TL.

Took 1% long @ 174.25 with SL below lower TL.

Looks like GJ is following down channel and it might bounce from lower TL for small retrecement to pick up more sellers.

It is double bottom (not equal though), Also, GJ developed classic bullish divergence on daily TF.

IMO, PA will reach 156.60 before jumping to 165.

Analisys explanation: 61.8% FR @ 156.60 and then wave 3 of retracement to 165 or higher which makes perfect inverse H/S pattern. Also, Daily has classic bullish divergence.

IMO, if GJ will bounce from here (4hr 50ema, 50% FR, 4hr hidden bearish divergence) then we might see 123.6% FE and all time low from 13 years ago.

IMO, retracement is over.
GJ may go lower due 4hr 50ema + 4hr hidden bearish divergence. It is very powerful combination.
My TPs are 145, 139 and 130.

Let's keep trading simple. If price above 1hr 50ema I am long otherwise short.

GJ formed triangle which will let us know where this thing will go. I have long position from 1hr 50ema where SL @ BE at this point.

Daily: QQE already crossed up. Retest 165 (recent high) means above gann. Close daily candle above 165, then PA will go higher. Upside move TPs are 168, 177 and 186.

4hr: QQE crossed up and above gann. if PA will keep above 1hr and 4hr 50ema, it may shoot up. However, PA may retrace lower. Downside retracement TPs are 158, 155 and 152.

First downside target 158 reached. Next 155 and possibly 152.
PA is under 4hr 50ema and gann and QQE is about to crossed down.