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Sunday, September 12, 2021

CHFJPY - Nothing but fresh ideas. If you have a small account...

CHFJPY - Nothing but fresh ideas. If you have a small account...

First and foremost welcome to my page!

If you have a small account read the below and read again.

I've been trading for near on 5 years now and now feel comfortable and confident to share ideas with the public. I do not sell courses or scam people I'm simply here to hopefully help. I do not have an Insta account to 'flex' my earnings as again, a lot of these 'guru's' in their lambos and fancy holidays are purely marketeer's who sell you the dream but in fact they can't trade themselves they just catch a few lucky trades. I have blown numerous accounts thinking trading was a get rich quick scheme but I finally matured to trading and learnt to stop being an emotional trader. LOSSES HAPPEN!

I will try and detail my chart in more detail for you to see. This is not my only trading strategy as trust me, you need to be adaptable in Forex. You can make money with one strategy but having a couple up your sleeve is never a bad thing so look out for a few different ways that I trade!

So CHFJPY , You can see from this swing low, we have the start of what we now know is a bullish trend . The black lines across the chart are key areas of interest that I find when analysing the charts.You can see from that first box price came in line with these black lines and reacted. Price then pushed up and we saw a slow down and some price consolidation very much on another one of those key black lines, we saw one candela's wick up and touch this line at one point but the rest of days we saw it just below. We then had another touch into the trend line confirming that price was continuing bullish . We then saw a break of the 117.857 area and price continued north up to 112.463.

After this run up we saw price come back down and find a zone of liquidity where price came in and reacted but could never fall below. So with this area, our bullish trend line and a recent confluence of price action, we now have 3 confluences to allow me to be interested in this setup of price continuing up. Of course risk management will be a key factor in all this so my stops will be just below the most recent daily closure (around 35 pips) A KEY THING TO REMEMBER IN TRADING IS TO KNOW WHERE YOU WANT TO EXIT TRADES... if you don't know where you want to pull out your trades you should NOT be entering it in the first place. So my first target is where you can see a lot of rejections on the recent highs so I will look to close some of my position and let a smaller amount run. Likewise at target 2 I have marked out, another area of rejection and again an area to be aware of. Of course my final TP will be my key black line area where I will hopefully still have a small position still running to fulfil.

I hope this makes sense to any new traders out there. This is simply one method of trading and a nice simple way of understanding a chart breakdown. If you have a small account, make sure you are risking no more than 1.5% of your account. I say 1.5% because some trades you might feel confident and think this is the one that will make me money but sticking to say a 1% risk and on those trades you have all the confluences in the world at a little extra but make sure you are sensible and limit yourself to 1.5%

Happy trading!!

from TradingView Ideas
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