EURJPY 30m was also a 30m pb buy as was the reasoning for 5m entry. Again P1 exited easily and I tried to trail P2 or sell it at the DT highs, but all it did was wedge forcing me to trail out P2 at +5. 1m shows how it chopped for an hour before breaking to the upside. That was expected, but the chop didn't enable me to stay with the trade.
Heirloom Trading is about passing on my legacy to my children. My way of reading the markets works. It is about identifying opportunities in the current environment in non-traditional ways. The fact that I cannot precisely define it is why I feel my method is robust - it is a good thing that I cannot program this method. My experience in the last 20 years has been through every market condition. It repeats itself, just the volatility and speed changes. The key is to know how to trade each state.
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Friday, May 30, 2014
Fri May 30th
GBPUSD 30m grinded upwards all day. I jumped on a pb for any further push up to frustrate short sellers. 5m entry was a cpbt on upwards MAs. P1 exited easily for +4 and I was going to let P2 run, but decided to take it as a +8 tgt. It turned out to be right at the day's high, a lucky exit, but then again was taken ahead of 56 because of the presence of sellers there prior to LDN Open.
Summary: 2W for +10.5.
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