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Sunday, November 12, 2017

Trade Plan Nover 12 - 17



EurGbp

Tools
1. RSI,
2. Fibonacci,
3. Support and Resistance,
4. Divergent
5. Pattern

Why EurGBP? For the reason I spotted Divergent Head and Shoulders pattern which it has not failed me. Given that the Risk is on 25 pips its a descent number of pis that you can loose without hurting much of your capital. In which the Take profit is 50 pips bringing the ration of 1:2. My ideal point of entry is on 0.618 to form another Pattern that is AB=CD. If the market allow that the retracement is precisely on 0.618 then it will add up to my confidence that the take profit will be the exact support on 1 day chart.  

Divergent is the plus factor on this trade which supported by the pattern of Head and shoulders so meaning the best entry will be the formation of right shoulder.

Consider also the Power of the bearish candle of 4hrs chart. We can see that its power is on our side. Which the fundamentals are strongly suggesting that GBP is getting strong

Ideal number of pips to get is ONLY 30 but the full potential is 50 pips This is the reason Im going to split my trade the other is hitting 30pips the other is hitting 50 pips.


GBPJPY

Tools
1. Pivot
2. MACD
3. Pattern

To start my trade on this pattern I need to see slight pull back forming a letter M. if market will not pullback Im not gona take the trade. The best i could see on this is this can be a pottential reversal pattern. Yet because of fundamental doesent fully support the pattern that is why I rely on MACD to start trade once i saw slight pull back.

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