Goals will either limit you or push you beyond your limitation

I decided to go ahead and take profits on one (GBPJPY), and let the GBPAUD go, to see if it will run up some more. On the daily chart, doesn't seem like too much resistance for a while...

I have my take profit set right below the open price of the candle that started a free fall down (broke out of consolidation downward), so I assume that will be significant resistance going back up...

We'll see what happens. If I wake up in the middle of the night and I'm at 5:1 or better R:R, I might go ahead and TP. Right now, it's only slightly better than 1:1 of my original SL. I closed out the GBPJPY at a little less than 3:1, so not too bad...

Bearish bar on the 4 hour chart, and saw some consolidation on the H1 chart, so I played it safe and exited with 3:1 R:R.

My next challenge is to resist trading today, since I don't think Friday is a good day to trade - Too easy to get stuck in a trade that doesn't go anywhere and be tempted to hold over the weekend...

Okay, GBPAUD may successfully tempt me back in. If the price approaches the arrow, I may go long, but only with the intent of capturing some of the range bound movement. I won't hold for more than a few hours. Assuming the price reaches my entry point with enough time left i the day to allow for profits. So, will need to enter within the next hour or 2, otherwise I'll hold off...

Wow, seems there's no stopping GBPAUD from it's upward trend. Never came back for me to enter, but broke out and made a new high again. Will not chase it today though.

Does seem to be slowing a bit though, finally. Will need to pull back sooner or later, then we'll look for consolidation and re-entry. Doubt I have the guts to short this pair for now, though. So, we'll look for long opportunities next week. Depending on how close it makes it to some major resistance, we'll see if waiting for the pull-back makes more sense.

First real resistance at around 1.815ish... Ideally, we'll get a 100ish pip pull back before then, and ride it up again. I can only wish

As I continue to learn and adjust, I'm finding I prefer the longer time frames better, as they give me a clearer picture of the trend, as well as offer higher potential gains, and less trading...

Here's an example of my latest trade. I actually went in on the H4 time frame as I saw an engulfing bar rejection off the 8/21 EMAs, but when I saw the pin bar form on the daily chart, decided to ride out the trade on the daily, and see how much I can get out of it. Especially since there's really not much resistance on the upside for at least 300-400 pips.

I'm considering adding to my position if I see another bullish signal on the H4 time frame... But that will probably mean there'll need to be a pull back. We'll see what happens...
Attached Thumbnails

USDJPY 4 hour chart - a close above the blue box, will consider adding to my positions. A close below the blue box, I may exit with profits, and wait for a signal to re-enter...

Here's a long term trade idea...

Entered long on GBPJPY today with a profit target of 3300 pips.

Here are the reasons for my trade:

1) Looking on the weekly chart, last week was a nice strong break out from many weeks of consolidation
2) Today on the daily chart is the 4th day of an inside bar range, and we see a nice pin bar rejection of the bottom of that range
3) The sky is the limit on this trade, since there really isn't any noticeable resistance on the daily chart, and the weekly chart shows the next supply area 3300+ pips up

So, we'll see how it works out, and if I have the patience to wait it out. I'm thinking we may need a couple months to see this trade to the finish, if I"m right...

Risk:Reward is 1:15 with the SL about half way between the daily 8 and 21 ema.

Weekly chart showing the breakout and the daily chart showing the inside bar...

Can't help myself, but watch this trade closely. Looking on the 4 hour chart, we need a strong upward move/close above 178.122, as the price is kind of consolidating again.

Will look also for the daily close to hold above that too. Then, next thing to look for is a close above 180.389, then should be off to the races (hopefully) moving upward from there...

Another trade idea...

The EURJPY also looks really good on the weekly chart, breaking out of a flag, or triangle, whichever way you look at it...

Risk/Reward is 1:5, but if it breaks above the last high, the sky is the limit on this one too...

Just entered at 139.458 with SL at 138.355

GBPJPY hourly close above the daily pivot. So far so good. The next hourly close will need to also be above this level for me to maintain my confidence heading into the weekend...

Will be looking for a minimum of 300 pips on current positions, as I'd expect the price to make its way up to the last daily high (close).

Plus if we end up with a bullish daily candle at the daily close, is also good, since the last 2 candles have been bearish. 3 bearish in a row would make me nervous...