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sozofxtrading Everything opened up in the right direction. Do not go long just yet. Looking for several candles (days) of consolidation before long.
Yesterday at 03:41
sozofxtrading New Limit Goal - 131.50 area. The Wave Indicator for MT4 seems to work fairly good to keep you on the right side of the trade for GBPJPY. It's 50% move so far from the reversal at 148.5 area, an extension of this move for the second half points to 131.5 area give or take a few hundred pips.
I expect a few fractals to be created however I feel this target will be hit. When the channel begins for a few days and maintains support on high volume days I see a reversal coming which should surpass 148.5. I use 400+pip stops. Brokers will chase your 50 pip stops so I feel it's foolish to trade this way now a days. To get a better understanding of my log, watch Bill Williams Youtube video Fractals Holy Grail of trading video. I watched this about 4 times and it radically improved my trading results. Current position is up total 43% since 12-20. Simply amazing.
Jan 14 at 12:03
sozofxtrading Ok gang, this short trade is about 50% completed based upon the Wave Indicator for MT4. If you are not short yet, it may be too late.
Jan 11 at 00:37
sozofxtrading All praise and glory to the Lord above! I pray I can trade for a living someday soon!
Jan 10 at 00:14
sozofxtrading Jan 5 close well below 61.8 Fib fan. If flat you can place a cover stop on fractal high of Jan 3rd. My stop is 148.6 to allow wiggle room in case of news. You could also set order breakout short below Dec 29 low. Fractal trend line added.
Jan 06 at 05:02
sozofxtrading All - Added Fib Fan and levels. We see a nice support example in low of Dec 29th however I am short. LOL Once a break below this 618 level we can establish the next targets for confidence in short.50% is 135.61 so I would be glad to capture this and wait for the reversal.
Jan 05 at 00:25
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