"Free Forex Trading Strategies Daily from Asia Forex Mentor"
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Forex Trading Pair: Gbp Jpy
As seen in the chart above, a pin bar in the highlighted blue box was formed.
It was a nice pin bar, with a nice long nose.It is also in confluence with the price pivot as shown in the orange line at 130.299 in the chart.
As the pin bar was a long nose, we usually understand that price will retrace back to close to the previous bar eye before going down. Which is why i placed a pending sell order at the pink line 130.440.
By doing this, i have reduced my stop loss level and increased my risk reward ratio.
Therefore our first partial profit target was at a mini price pivot (orange line) 129.659. It is marked at that level due to a previous bar support as seen in the highlighted grey circle in the chart. Which is a nice risk reward ratio of 1:3
Our next target profit area is the low and a price pivot area of 129.00. That is a nice risk reward ratio of 1:5.
To further our reason of taking this trade.
Lets look at the daily time frame.
In the chart shown above which is the daily time frame.
The market is seen as a overall down move.
We always like to take trades that are in the overall market movement.
Which is as shown in the chart above, price is making a lower highs, and a lower lows.
This further adds to our confirmation that we are in the right trade at the right time.
Just as i am typing this post. The trade ended with our final profit triggered.
A nice risk reward ratio of 1:5.
This is how we trade and this is how our account size GROW!~
To an awesome trading as always,
Ezekiel Chew
Get Free Daily Strategies From Asia Forex Mentor : http:www.asiaforexmentor.com