Price found support 132.80 area but I never trust a trend line alone, there for I waited for higher high formation and some sort of breakout, the breakout I was looking for did occur at 133.30 areas.
Market structure shown on the chart price is making higher high but failed to make new high on 1 hour time frame but on the 15 minute chart it made lower high ,short entry is the speculation of a short pullback again to the treeline.
Market structure shown on the chart price is making higher high but failed to make new high on 1 hour time frame but on the 15 minute chart it made lower high ,short entry is the speculation of a short pullback again to the trend line
Simple but effective trend line breakout pullback occurred last night in EUR/GBP , GBP is showing some bullishness compare to EUR,so i am going short .
What makes you a successful trader?
1. Entry techniques.
2. Exit techniques.
3. Money management.
4. Trading plan.
5. Trading mentor
6. Deep knowledge of the market.
7. mental ability to handle losses
8. Business skill.
9. Capital preservation skill.
10. family support
The answer is off course, they work. Keep in mind that nothing is fool proof in trading arena. Time has changed since traders started to use chart patterns, we need adopt new way to look at chart patterns. We have way head of structure to keep our job as traders.
What we can do to maximize our profit using chart patterns. We know there many patterns available to trade, searching for too many patterns is time consuming and humanly not possible. Some of the patterns are more effective than others .So my suggestion is cut down the patterns that you look for into a few highly profitable patterns. This way will be ahead of your game and profit will follow.
Another thing you can do is waiting for breakout to finish and get in when price come to retest the patterns.
It’s just amazing how this support resistance works, pip to pip entry is possible if you want, just implement multiple time. In this case I traded on 30 minutes and 5 minutes time frame.
101 pips profit in GBP/AUD and 35 pips in GBP/USD. simple price action combining with price pattern,which is my way of trading the market. It is easy to say, keep it simple,but be in a trade,you have to have several reason .we can say confluence of indicator ,price action,price pattern and fundamental reason should line up for your trade.
