Some market direction for the week ahead

I just did a quick overview of my favourite currencies.
Will be taking reference from the USDJPY and EURGBP when I watch setups real time.
Lotsa of crazy moves in the past few weeks.
Gotta trade carefully for the week ahead because the trendiness may not continue.
We could end up with a period of range before trending again.
Must admit, I think I’ll only be trading the EURUSD, GBPUSD and GBPJPY.
The EURJPY is in a range, and slightly difficult for me to play. But I will try if the opportunity appears.

EURJPY 1st Sept

Something I’m watching, explainations on the chart.
Should be a significant move to trade.

EURJPY trade taken 25th Aug

Something I spotted last minute, looks like i’m gonna get stopped out on my remaining position.
Explainations on the charts.

Trades taken 20th Aug

A bit of overtrading today I think.
Anyway, here’s the low down.

3 trades taken on the GBPUSD, one of which is still open.
basically trying to capture an upward move together with the larger trend.
there’s a longer term setup on the daily to the upside as well.

1 trade taken on the EURJPY.
Entry from1hr charts, false break and series of candlesticks which are actually a symmetrical triangle on the smaller timeframes. 
Chart attached shows 15min just to clearly show the consolidation.
Been waiting to go long with the larger daily trend, but no clear entry, however, there was an entry to the downside for a quick trade.
However, I got scared out of it near breakeven..=/
Seriously gotta stop jumping out of trades for no good reason..missing out on good profits.

EURJPY analysis

Hello everyone, sorry for the lack of postings lately, been insanely busy!

Here’s something I see on the EURJPY.
A false break, and a possible long-tailed doji.
Some trade possibility there soon.
Explainations on the charts.

There’s Me, and then there’s Me

If you saw my previus post about my EURJPY trade on the 18th of Aug, you’d notice in the follow up comments that I got out of a well thought out trade, at +1 pips, then price proceeded to make a wonderful run to my final target price 100 pips away.
It obviously got me wondering, “What the hell was I thinking?!”
Then I realised, I WASN’T thinking.
No I haven’t gone bonkers, hear me out.

There’s Me, and then there’s Me.
Traders must recognise when the logical Me is making the decisions and when the emotional Me is making the decisions.
Obviously the Me in the middle of the night was the emotional Me.
Notice I said I got out because I wasn’t comfortable?
Being comfortable or not, is actually a feeling, isn’t it?
My decision to bail on a perfectly good setup was basedon a feeling. 
Since trading is mostly counter-instinctive, listening to the emotional Me wasn’t a very good idea.
So my failure this time was to recognise, plain and simple, when the emotional Me took control.

EURJPY counter-trend trade taken 18th Aug

Trade taken on the EURJPY again, still open, see what happens in the morning.
Explainations on the charts.

Just for fun, EURJPY hourly NR7 + Inside Bar

An NR7 +Inside Bar on the hourly chart would have given the same entry signal at a similar level, but at a later point in time.
There was a break down of a significant support, so the NR7 should have a continuation bias, and it did indeed fall.
The stoploss could be agressively tight or put at the same level as I did.
An agressive stoploss would have resulted in the 3:1 risk/reward ratio as compared to a 2:1 risk/reward ratio.

EURJPY trade taken 17th Aug

Took a trade on the EURJPY this morning then left the house, just reached home in time to see price hit my final target.
This is the way trading should be, your money’s at work while you’re out doing your own stuff. =)
Still aimming to move to higher timeframes though.

Usually I take half profit, so in this case, I knew I’d be out for the whole day.
So what i did was to open 2 positions, half position size each.
One with the half profit target and the other with the final profit target.
Sold at an average price of 133.73, with a 47pip stoploss at 134.20
Took half profit at 133.20 and final profit target at 132.76, just above the daily 2nd support pivot.
1.6R trade.

The major event which had me looking for a sell entry setup here, was the break of previous swing low support 134.00 levels.
Explainations for setup and entry are on the charts.
Great way to start the week!

EURJPY and EURUSD trades taken 12 Aug

Took the EURJPY after seeing it make such a dramatic climb up towards the 136.00 level again.
If 136.00 breaks, there would be very strong momentum upwards.
I saw price holding and consolidating just above the 1hr 20ema, so I took a position with a tight stop and a target a little more than 2:1 risk/reward away.
Took half profit after a while, and the rest eventually hit my final target
That gives me an average of  +62 pips for this trade..or an actual 1.83 risk/reward ratio realised.

The EURUSD trade was taken from the daily charts.
Price found support at 1.4100, formed an Inside bar signalling consolidation.
This is followed by a fake break to the downside, again this indicates buying pressure.
So I set a stop above the high of the Inside bar with a stop under the failed breakdown’s low.
This trade is still open, I’m looking for a longer term trade, targetting 1.4400 area.
Roughly a 2:1 risk/reward.