FX sole trader cat’s Pound/Yen trade commentary 0430

This is the Pound/Yen for the 30th.

In my main trading, I went long and it has extended up to a maximum of 200 pips.

Let's take a look at the daily chart.

The expansion failed and formed a double bottom.

Next, the weekly chart.

It was held down by moving averages. As I mentioned before, the opposite band has closed and momentum has faded.

Let's look at the monthly chart.

The opposite band is closed. It's a critical point whether it will form a divergence.

This is the 4-hour chart.

If I had turned on the N-Method EA entry according to the rules, I could have taken a position, but at that time I did not have confidence in the entry from my main job, so I passed. By the time I entered, I had already missed the N-Method EA entry timing.

I don't want N-Method to hold the opposite position for me. It tends to influence me. Please understand that I generally only turn on EA entries after I have taken a position myself, or when I am almost certain of the direction.

Of course, there is also a discretionary entry function, so you can still enter even after passing on the EA entry.

For example, on the 4-hour chart, when RSI crosses above 50 and becomes bullish,

you can enter in a key reversal pattern on the next candle with a bullish shadow, as shown by the arrow.

Now, let’s keep up the effort in May as well.

N-Method is here