Placed a trade this morning on USDJPY for a number of factors, stops being raided following a reversal plus what looked like a triple bottom on the H1 chart. Additionally the market had left thin legs on the way down, and I was anticipating the market to head back up and trade at those levels again. We’re running into a level of previous support (turning into resistance at the moment) and the chances are that I’ll get stopped out overnight for 1R if we can’t break past this level. We’ll see how this works out …

It was a frustrating start to the week with a couple of stop outs and one particular trade (EURUSD) that got closed out mistakenly as I was modifying stops – I should have jumped back in but didn’t and typically that would have been a great trade. All of the trades were shared on Twitter and was nice to get a few likes from some of my followers.

I placed a couple of other trades mid-week which worked out pretty well and I’ll share them here with you. The first was the USDCAD  trade below:

Secondly, the EURGBP trade which worked out really nicely.

Sharing a live trade today, GBPUSD on the H4 chart. Note how stops were raided and price then reversed back up leaving a candle with a large wick. Entered the trade as that last candle on the right hand side of the chart  started to form.

Just going over the charts as I usually do each weekend and noticed a nice little pattern on USDJPY that I had marked up during the week but was unable to trade due to absence away from the charts. Notice how stops were raided and price rallied back up quickly forming a pin-bar before shooting up. Please ignore the red line – it’s not a trendline – it’s simply a line I added to mark out how I expected price to react after I noticed the pin-bar and the next candle along starting to form.

Would have been quite an easy 3R trade! Yes – I know it all looks easy in hindsight but the trick is to spot these things as they’re developing while the markets are moving. The more familiar you can become with these setups, the easier you’ll be able to recognize them, take these type of trades and hopefully, make a profit in the long run.