Consider trading from yesterday's USD/JPY
View here the interview VTR with CEO Hayakawa of Gogojan and me
Good morning everyone.
Yesterday's USD/JPY price range was about 50 pips.
Since it was Monday, big moves weren't really expected, but since no one knows whether it will move or not, I adopt a stance of “we will just do it.”
In that context, where to aim is quite important, I think about it daily.
In my case, trading opportunities are almost fixed, so if I’m in front of the PC I take positions quickly.
If I categorize the movements I’m waiting for, they are mainly breaks and pullback/retracement moves.
Once that is decided, I start to define my own break and pullback/retracement definitions.
For example, in a breakout, I target a breakout after a range is formed, or I target a breakout starting from a major trend line.
Breakouts are these two types, I think.
There are no fixed rules in the market, but there are trends, so it’s important to view those trends as opportunities.
USD/JPY MT4 daily and 5-minute charts
My main monitor is arranged with a 1-hour chart on the left and a 1-minute chart on the right.
Recently there hasn’t been much price movement, so I often verify the major line on the 5-minute chart and then switch back to the 1-minute chart.
On the daily chart, it’s a full-retrace style exceeding 76.4%?
I have noted the breakout points on the 5-minute chart.
When the Tokyo session starts, I watch for a breakout point where the blue-downtrend is cleared with an opposite up-move.
It was rather indecisive and I realized it became a blue rectangular range with some whips, so after that I aimed to break out of that range and trade accordingly.
If it moves properly, I was waiting around the NY start, but luckily it started rising, so I chased it and took an L position.
Since there isn’t much price movement, I didn’t make much, but it matched my own trading image.
However, it doesn’t always go that way; ranges can continue, so you need to maintain the mentality to keep trading.If you narrow down the scenes where you should trade in advance, you won’t fall behind and you won’t take positions on impulse.
In other words, you should find a place you can be satisfied with.
Once you can do that, it becomes simple.
It’s all about the probability.
Considering that, a “breakout” is actually a very efficient form of trading.
New Millionaire Trader’s Scalping
The Millionaire Trend Line makes trading easier because it’s a breakout line to trade from.
Also, there is an optional “Millionaire Trend Line Auto-Drawing Indicator,” which saves you the effort of drawing the line.
I think it’s good to start with what you can begin with first.
If you continue, surely you will achieve results.
Thank you for your continued support today as well.
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