NZD/JPY and CAD/JPY on watch for me today.Hi guys and girls.
So I got involved in a long trade last night on CAD/JPY at just after 7:00 PM BST on the break of a tight fifteen minute flag which I posted a screenshot of just a moment ago, but I was then once again wicked out almost to the tick (never mind the pip) as the Asian Session opened. Unfortunately market manipulation as I've touched on before has been rife across the market as of late, regardless of how much regulation brokers are subjected to and particularly where the clear and obvious setups such as the ones which I look for are concerned because brokers obviously know where your stop loss is likely to be. But try and look for setups which aren't clear and obvious and I can assure from experience that your results will be far worse.
So that's yet another loss for me, but I'm still massively in profit for the year and overall, at least by enough to justify the fact that trading is partly how I make my living.
The amount I risked on this trade is the most I've ever risked on a trade where live trading is concerned, so the amount that I lost on this trade is therefore obviously the most I've ever lost on a trade too. But because I'm experienced and I've primed my psychology to deal with market manipulation and losses it has zero effect on my psychology whatsoever. If it did then I likely wouldn't have CAD/JPY on watch again which would mean that I would potentially be missing out on another glorious investment opportunity and that's why I tirelessly stress the importance of scaling your mindset before you try scaling your account.
All we can do as traders is keep rolling the dice and we have an edge over the market as I do then over a large enough sample size of trades our edge will play out.
NZD/JPY:
• If price corrects and a tight one hour flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
CAD/JPY:
• If price impulses up, it does so in a convincing manner and a tight one hour flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
