Bull City Baby! Buying Opportunities

All -

Here's a chart I said I would post showing recent opportunities. Simply wait for price to hit resistance, and then wait for that resistance to subsequently become support, it will either bounce, and move away, or start consolidating above the resistance point. Either way, it is showing bullish rejection of the resistance turned to support.

Last week there were 5 such opportunities, and if you would have just traded a 1:4 or 1:5 R:R on each one, you would have made out quite well. Or if you are longer term, it was 5 opportunities to add to your positions (5th one is still in progress).

H1 chart X shows key resistance, and arrows show entry point. The blue shaded area shows a few hours allowing time for entry, and in some cases several hours. This is a key point, that shows there's usually no rush. If you trade this way, you can relax and wait for the setup, and if you're not sure, just wait an hour or 2, and it will become more clear that the price has found support and is a good entry point.

Latest entry, the 5th one, RTM also posted, and is similar to mine as well. Looking at this chart, is there any reason to believe it won't work out as the other trades did? We will see...

Edit: One reason I posted this, is I wanted to kind of give a preview of what I'm hoping will be the kind of trading this thread will promote. Trading that is very simple, and stress free. USDJPY in uptrend, just wait for resistance to become support and jump in! We can discuss SL and TP placement as well as we move forward. Could it get any simpler than that? I mean, in retrospect these trades could have been taken without even looking at any other time frame. Let's see how simple we can make trading!!

ha ha, thanks, It makes me smile every time I read it or say it - Bull City Baby!

And your thoughts on UJ - exactly one of the reasons I picked it. It was the pair I started with, and I think I understand it more than any other pair. Looking forward to more posts from you. Thanks!

Looking ahead, there will no doubt be pull backs with UJ at some point. What then? This thread will promote the intent to wait until the pull back is over, and look to buy the reversal of the retrace.

What happens if it pulls back for days? We wait. What if it pulls back for 1 week? We wait. 2 weeks? We wait.

Will this thread ever talk about, or promote selling? No.

Why?

To remain focused, disciplined, and patient. The more it pulls back, the bigger the pip target on the eventual long trade. Think of how relaxing trading a bullish reversal on a retrace would be when the last high was 500 pips up. That's like free money!! Almost guaranteed to make it back up there. That's a no brainer trade. That's a stupid simple trade. That's the kind of trades we like in Bull City Baby!

The key is, that every time UJ make a new high and pulls back, it will try again to at least make the prior high, and when it breaks the high, and established support above it, then it reaffirms the trend.

Only a failed attempt at a new high AFTER a significant pull back on the daily chart would put the trend in jeopardy. Until then... Bull City Baby!

Of course, no one is telling anyone how to trade, or when to trade, but only what kind of trading this thread will be about. It will always be about finding very high quality, high probability trades. Sometimes it is better to wait for what you know will probably happen, rather than go looking for something else that is not as high quality, and may end up in a loss.

Enjoy the rest of your weekend!

[quote=benaiah;7925844]Looking ahead, there will no doubt be pull backs with UJ at some point. What then? This thread will promote the intent to wait until the pull back is over, and look to buy the reversal of the retrace. What happens if it pulls back for days? We wait. What if it pulls back for 1 week? We wait. 2 weeks?

Most pull-backs are at least a week, sometimes 3 weeks, although rarely over 3 years unless the central bank does something major to change direction. I've only seen that one time though when it was so extremely the opposite of the trend it fully reversed it immediately and it was USD/CHF a couple of years ago.

I do expect a 10-14 day pull-back coming soon. Until then it's bull time!

Whoever changed the name of the thread, please read the entire first post, and send me a message as to why we can't stick with original name. Do I have to start a new thread every time the trend changes? Or will you change the name of the thread every time the trend changes?

Nice pop on open here! Let's see if we can maintain this momemtum

I'm out with a few pips gain. Not liking the PA. Will wait and watch for while...

Back in at 121.45, but will not let it fall back without jumping ship again. Needs to start getting above S/R levels...

Needs to find support at 121.37, if not I'm out again...

Just wanted to say thanks.

The other U/J is getting too much short this and that. Love the tittle!!!

Next hurdle is 121.69

Hey Bull Family... Gladly we are airbourne... Expecting a smooth flight to 125 and the weather looks great... Hope you enjoy this amazing flight!!

I hate picking trades at the beginning of the week lol. Looks like we found support at 121.35. I'm back in long targeting the 125 area with a stop at 121.20

I would send a PM to I guess Twee to change it back. I think it's important to stay the way you had it.

Bought some on the way down. lowest was 121.409. managed some profit earlie.

It's looking range-bound for now.

Yeah, I did. Since if the focus is changed to another pair, then I'd have to start another thread, and call it Bull City Baby XXX/XXX opportunities...

Yup, thus adding to the confusion. Nicer if the whole family stays focused as a group on the one thread.

Thanks

I appreciate all the interest that has been shown with this concept/thread.

As long as UJ stays above last week's close, I'll feel okay. I think I got a little jittery when I saw it pull back, cause I agree with dbutton, posted above - hate those beginning of week trades - They make me nervous. But I'm always in one it seems