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Forex Analyse my trade (GBPJPY Short) - was my logic good?

Discussion in 'Forex Forum' started by Ponzi Jr, Mar 10, 2016.

  1. Ponzi Jr

    Ponzi Jr Guest

    My current approach to trading involves initially identifying a trend in market on a higher (D1 and H4) timeframe, and then dropping down to the H1 chart to find an entry point for a trade in the direction of the main trend...
    Yesterday (at 19 : 21 : 00 GMT) I entered a short order on the GBPJPY pair for the following reasons:

    1. The market was trending downwards on the D1 and H1 charts, as you can see below
    Attachment 1875891Attachment 1875890

    2. On the hourly chart, we can observe that there was a shorter term up trend (retracement) between the 1st and 4th of March.
    Attachment 1875892
    However, this was followed by a double top, which may result in a continuation of the overall down trend.

    3. On the daily chart, a Doji (followed by a Marubozo) formed after the retracement. This is also a sign that the initial trend may resume.

    1. I sold into the market at the 160.111 level.
    2. My target profit is at 155.784
    3. My stoploss is at 160.819


    What are your thoughts on this trade? Can anyone offer some constructive criticism?

    Thanks

    Attached Thumbnails
    Attached Images (click to enlarge)
    attachment.jpg attachment.jpg attachment.jpg

    Source.
     

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