My first setup of the week came from a bullish Cypher pattern. I was looking for a more conservative entry by buying below D completion, where I had set a buy limit at 1.29758. The risk/reward for this setup was 2.25, which was decent.
Price triggered my sell limit, pushing further down, possibly reacting with the trendline at the bottom before reversing straight towards my target. A very nice 45 pip and 2.25R winner to kick start the week!
In this setup, I was looking for a selling opportunity due to a bullish trendline. The plan was to wait for price to retest the bottom band of the bullish channel before setting a buy stop at 0.99565. My stop loss was 20 pips and I was targeting the top of the channel for a decent risk/reward of 2.
Unfortunately, price broke out of the channel and stopped me out for a loss of 20 pips and 1R. In hindsight, price had been respecting the channel for a while now and I could not have picked a worse time to buy.
My third and final setup for the week was a short on USDJPY. This was a head and shoulders setup. The plan was to wait for price to enter the ted zone before setting a sell stop at 111.292. My stop loss went above the right shoulder and I was targeting 45 pips for a decent risk/reward of 2.25.
Price went past the red zone before eventually falling straight and quickly towards my target. I ended the week with a 45 pip and 2.25R winner. In hindsight, I could have made more if I had an entry that was higher, but I was well into profit for the week so I wasn’t complaining!
Psst…we’ll even throw in a discount to get you started!