Well I was stopped out even by what at least right now looks to be a fake move up. Intuition told me to heed the 5 minute OBV since it showed a break. Not enough momentum behind this move. Lower time frame OBV definitely has some hidden power that from now on I will pay attention to at all times.
Well I was stopped out even by what at least right now looks to be a fake move up. Intuition told me to heed the 5 minute OBV since it showed a break. Not enough momentum behind this move. Lower time frame OBV definitely has some hidden power that from now on I will pay attention to at all times.
-40 pips. Still up net +42 pips
Hanging man on GBPJPY at high value area, OBV decreasing on 5 and 15minute. Could take a dip if it drops below 157.44. Decent support below so I will sit that trade out. JPY pairs seem to be buying on dips so I will ait for a sign of uptrend unless a definitive downtrend sows itself.
Price rejecting high value area so since it is in my plan I will take the trade and not hesitate out of fear.
Sell GBPJPY
157.50
SL 157.70
Trailing stop of 30 pips
Pat494
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Thanks, but I seem to be doing pretty good with my current method.
Looks like I could have had another 40 pips as literally minutes after I closed up shop price went down another 40 pips. All the same I am happy with the result as I stuck to the plan. Besides, with the trailing stop I would still be in the trade with just an up additional 20 more pips at time of posting. I prefer the peace of mind knowing my reasons for getting out were sound.
I will note that I will probably keep a hard target when price is in balance and use a trailing stop when price is out of balance.
The weekly lines I have placed are working near to the pip so I need to trust them more.
Alas, being impatient did net me positive pips but if I had just let the trade run my target would have been hit. I need to balance my desire to not fall back into letting winning trades turn to losers and staying the course and getting to my target. perhaps instead of closing the trade, next time i will put SL to breakeven.
This doesnt seem to be an issue on trend days as the target is hit pretty quick. I need more patience on balance days.
GBPJPY looks to be setting a trap for longs today. OBV on 15 minute 30 min and hourly is not agreeing with price. Divergence here. I will have to see where value is around 6pm or 7pm eastern. Could be a decent day to find some pips short. Depending on where price is relative to value.
Main reason for choosing eurjpy:
Price could not break Thursday lower value area on Friday or Monday. Break below 133.06 would put price below last weeks value area and the week before lasts are. So potential for a big move down. Open of Asian market saw selling and afterwards a continuation. OBV was not supporting a strong move up so down looks to be where traders will seek fair value.
Price could not break Thursday lower value area on Friday or Monday. Break below 133.06 would put price below last weeks value area and the week before lasts are. So potential for a big move down. Open of Asian market saw selling and afterwards a continuation. OBV was not supporting a strong move up so down looks to be where traders will seek fair value.
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