what happens next? Price action training

Quoting price777999

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what happens next ? {image}

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Quoting simond2002

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{quote} How did that trade resolve?

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Quoting simond2002

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{quote} How did that trade resolve?

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Quoting doelcs

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This is PC SR strategy. {image}

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Quoting price777999

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{quote} this {image}

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Quoting simond2002

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{quote} Yep, I was aware of M15 GBPJPY on Friday but the original chart you posted had a running sell trade on it. Had you had another position on and closed some out? Did you take partials on the trade shown on the chart? Was the trade on the chart stopped out? Is it still running? What happened?

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Quoting price777999

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{quote} Hi ...I kind of screwed up the trade but did well in the end .. My initial short i closed out at a loss thinking the buyers would take it ...I then reverted back to my original position at almost the same area and left on over the weekend .. Sunday night I sold some more at the gap retest ..(I was very over leveraged) I took profit from the mobile app ..before it broke the first major pin on the H4. So all in all in was a bit of a hash up but I'm still learning.

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Quoting simond2002

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What happens next? Screenshot_1.png;2131942 {image}

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Quoting shyean

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Hi simond2002, I'm thinking longer term up flow, break of momentum to consider long. Thanks 0901 2309.png;2131970 {quote} {image}

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Quoting simond2002

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{quote} This is my un-edited M15 GBPJPY chart. It has some H1 levels in there too. Friday I'd been watching that same area for PA but three things kept me out: 1. No confirming PA on the first test of the supply. 2. That large bullish engulfing candle (marked with the up arrow) - not the best sign for sellers (although as your original chart indicates, a touch sell of the supply and T/P at the demand would've given a circa 4R trade). 3. At exactly the time that price made its first test of the supply, USDJPY was breaking out long. Not a good sign...

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Quoting price777999

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{quote} One lesson I took from that trade is , a shoulder is a shoulder until its not

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Quoting price777999

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{quote} I was also watching crude and also short crude ..seams to correlate with gj as crude is our biggest export and japan has no oil (I think this is correct?) So for me crude and oil were both forming bearish shoulders (H4 & M15) ..the good thing about the g/j trade is longs were getting sucked in (myself included for a moment) One lesson I took from that trade is , a shoulder is a shoulder until its not (head has to be broken) ...as your chart above ,I would short market with stop above the head target the low's to the left.

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Quoting simond2002

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{quote} Yep, that kind of thing is what I started to pick up on, along with a new-found respect for support and resistance in terms of how it feeds into market "direction". That bearish swing point is now breached btw. It's left in its wake a M15 demand zone on EURUSD @ 1.0537'ish. EURUSDM15.png;2132050 {image}

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Quoting copi88

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{quote} See the chart below for the correlation between the two. There is not much, however under some market conditions like Risk On / Off the do become positively correlated DKrR5Zp.png;2132080 {image}

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Quoting price777999

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{quote} Cheers ...whats risk on/off ?

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Quoting copi88

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{quote} Risk On - Money moves into risky (high yielding) assets out of low yielding assets. Risk off - visa versa Yen is very low yield and is viewed as a safe haven currency along with the Swissy, Bonds and Gold. So when there is a risk event eg like today with UK Brexit news money moves out of the high yielding assets like Equities and the higher (beta) yielding currencies like GBP, USD and into low yielding currencies like EUR and YEN. So today you see Gold, Bonds, Yen and EUR all up. Equities, USD and GBP all down. I spent all day selling GJ....

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