Consolidation and breakout 14 9 2015
Consolidation and breakout is one of the most profitable trades you can take in any financial instrument.
The problem is to find the real breakout or you will be caught in range .As I have predicted on Friday post GBPJPY would break in the next session.
So with patience I was waiting for a signal in the European session today.
After the fresh signal I wait for a retracement and retracement came.I entered in the most safe spot but the pair scared me initially because it continued to climb and gave opposite signal.
The higher time frame chart- which carries my swing system on it-was in pivotal point.Either it would break the pivotal point and collapse or it will bounce from the pivotal point and resume the bullish trend.
I was undecided what to do, close in breakeven or continue in the trade.Finally after 29 minutes gbpjpy moved fast in +12 pips and close my first scalping target.Since I was waited for a breakout I converted the trade to intraday by canceling the trailing stop ,entering a stable stop in 92 and left the trade with 1/3 of the position to see what it will bring.
I have opened the platform again 30 minutes after the DOW open and the trade was in +101 pips.
I decided to leave it open until London close and keep the strategy wait and see.
Twelve minutes after the London close the pair was still in no mans land giving me 100 pips and I closed everything for the day.
I have wrote everything to video as usual ,enjoy
The three pairs I watch every day with trades and remarks on them