Forex Trade GBPJPY Stop out

Trade was stop out at 151.08 @0836am. During US session, It was only moving in a 40pips range. Today is Friday. Might just choose to stay out as there is a BOJ press conference and GBP Nationwide HPI m/m.

Caught a buy entry for GBPJPY at 149.19, trailing stop loss at 151.08. Its about 190pips gain in profit if this trade is stop out. It is now half way through US time zone, may expect lesser volatility. Most probably profit taking from the upward move will follow shortly. We might be stop out at 151.08.

151.46-151.53 is a tough zone to crack. We have the monthly and weekly pivots respectively. Next level of resistance is at 152.05, place where my indicator show me the resistance. Next major resistance will be at the weekly pivot 153.03. It also happens to be the high of the month at 153.22. GBPJPY drops 300pips on 1 single 4hr candle after reaching this resistance. Therefore is a very significant resistance to watch out for.

In forex trading, support and resistance is very important. Its is so significant that it can equip us with the knowledge, understand where we are and where we might be in our trade plan. With a proper trade plan in place, we can know where is our entry, target and stop loss. Follow through the system, you will get results in the long run.

Have you ever took trades and regret later that you should not had taken it?
Have you ever see yourself saying I should not had triggered the trade as it not even written in my system rule book? More of an excitement as the market start to move quickly in a direction but after entry it just reverse on the position?
Following a trade plan with easy to follow rules does help minimise foolish trades. When you win, you know why you win. Vice versa, when you lose, you know how much you can lose.

With the example of the earlier trade, we planned it will hit our target at 152.74. If the trade was not stop out breakeven, we had our target hit with a strong reversal following it. On the other hand, without the stop loss in place, we will let a winning trade turn into a losing trade. That is really not worth it.

This trade is a Breakeven trade. But there is a great potential for it to hit foresee target.

Spot a good signal to buy GBPJPY at 150.80 at 0800est. Potential profit for 194pips at 152.74. Stop loss is now set at breakeven to prevent a winning trade turning into a lossing trade.

Price had been congesting since 16 Oct. Today we saw a break of the weekly high. There is a strong resistance between 151.46 to 151.56 level, monthly and weekly pivots respectively. Although its a good signal for long but we still have to monitor the trade closely for sudden reversal if this pivots level hold. If this level give way, we will have a good shot for 152.74 target.

Its been a long while since I last posted. This blog had been around since the day I started Forex trading. From learning people's trading methodology to creating my own personal forex system. I had came a long way with hardship on discipline and long hours of screen to improve my own trading system. Today I'm happy to say, I'm comfortable to pull my triggers when my system say so. I'll not be posting any system 2 trade as its not really working out for me. This blog will be solely base on my forex system methodology. The way I trade.

FXSilverlining System

Trading system is base on simple support and resistance. Its works very well on GBPJPY. There will not be any sophisticated indicators but 4 main signals line with special setting. Its use for determining the support and resistance of price. Its categorize into 2 main core.

Basic System Core 1
Least screen time needed as its trade off from a 4hr GBPJPY chart. Base on Interbankfx MT4 platform, I just need to be at my trading desk at 00:00, 04:00, 08:00, 12:00, 16:00 and 20:00 to take the signal if there is any.

Advance System Core 2
More screen time for taking missed signals or pull backs on follow through bullish trend. It will be base on 30mins charts.

Stoploss
In general, its the low of the last bar of the trigger candle.