【PON/JPY +39 pips】A formidable Fibonacci expansion
Hello!
This is Viga, the Sonic Scalper＾＾
I will explain the trade on the second Wednesday of December.
Yesterday's results are
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Four entries
Total +39 pips
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それでした＾＾
While trading yesterday,
one current課題, which is “profit expansion”
I received one hint.
It is
Fibonacci expansion
＾＾
Isn’t it a bit late to use it?
Some may think so, but
I finally found it!
I don’t have a mentor or trading partner,
so I have to discover everything by myself
which makes realization slow＾＾;
Well, this sense of finally finding it,
and those sudden insights clicking into place
feel so satisfying and exhilarating!
It feels great!
With that in mind,
toward solving the profit expansion issue
I took a step forward
and will start testing from today!
■ Entry NO.1
“Targeting a break of the trendline from the W top”
＋6 pips
・GBPJPY 1-minute chart 12.11 07:55
・Short
On Wednesday morning,
GBPJPY gapped down and plummeted.
From the bottom formed there,
I drew a trendline and waited.
When the line was broken, I aimed downward.
However, on the 4-hour or higher timeframes,
it’s still mostly up, so if aiming, it’s a short-term play.
Even if it falls,
the pullback cycle is short,
so there’s a high chance of more chop.
Considering that,
I targeted breaking the red line in the image
and sold on a quick bounce back!
Price collapsed sharply, so I took profits.
Overall, I don’t think it was bad, but
it dropped suddenly afterward,
so I think a bit more profit expansion would have yielded
70 pips yesterday alone＾＾;
Since the entry was good,
it was a shameful trade ＞＜
■ Entry NO.2
“Fade after a sharp drop using the 5-minute MA”
＋3 pips
・GBPJPY 1-minute chart 12.11 08:19
・Short
Rather than taking it with a scalping mindset,
this was a trade aimed at a BO point
to snap a few pips quickly!
After confirming the initial drop,
I looked at the 5-minute MA to estimate the retrace high.
Since the overall setup wasn’t bad,
I entered on the 5-minute MA touch.
In terms of risk-reward,
it wasn’t a great setup, but
it had a high expectancy, so I entered!
I took it quickly and exited＾＾
Well, it was a trade I could have skipped.
■ Entry NO.3
“Sharp drop → range → further drop”
＋20 pips
・GBPJPY 1-minute chart 12.11 09:06
・Short
It was a roll reversal that broke out of a channel range formed by a pullback.
A very simple and easy-to-understand textbook trade＾＾
Since I knew it would fall,
I entered while aiming for a more favorable position.
"Aim for favorable position" I think is really important.
I myself tend to act before I can wait,
and I’m not good at throwing a good jab＾＾;
Butgetting left behindis also unpleasant,
so I keep jabbing, but
“No need for jabs”
"bad habit" I don’t want it to become.
I’m determined to fix it!
Then, with this third entry,
I used the Fibonacci expansion
＾＾
The method is simple:
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The pullback bottom
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to hit the target of
100 profit target.
That’s all.
Simple, isn’t it＾＾
Trades should be simple and good.
If you make things too difficult,
you won’t be able to master them and you’ll get tired for no reason.
More than that,
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Keep it simple, but
only use what is effective
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This is thousands of times better, isn’t it?＾＾
With that in mind,
it dropped exactly as planned,
and I took profit firmly at FE100!!
■ Entry NO.4
“Sharp drop → range → further drop → flag”
＋10 pips
・GBPJPY 1-minute chart 12.11 10:19
・Short
A pattern I always like!
Some people may not see it as a flag,
but I recognize it as a variation.
Of course, the neater the pattern, the better,
but it still works even if not perfect.
However, as mentioned earlier,
the higher timeframe is still up,
so at a pullback bottom position,
I didn’t be greedy and just took profits quickly.
Profit expansion also depends on timing!
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