After deciding on using D1 exclusively I’ve managed to find only one pair in an interesting spot…
USDJPY sell 26-02-2019 ~ open
After browsing through all interesting pairs on the weekend I’ve chosen USDJPY for further observation.
Cumulative ADX high enough to start correcting downwards, bullish and bearish trendlines with decent space to “switch” positions in case of trend reverse. Price flat with signs of loosing steam and also touching the Tenkan line – let’s see what happens.
Bullish Monday wasn’t what I was looking for. Tuesday on the other hand generated a big downturn so I thought “it’s time, sell!” – price pierced the Tenkan, ADX almost flat at around the same value as previous trend reverse. Opened a position!
Rest of the week showed I’ve managed to “perfectly” hit the only bearish candle in the whole timespan and now I’m slightly sad that it was in the “wrong” direction 😉 Jumping the gun? Guilty! Should’ve waited for ADX to “come bearing down”. A decent decision would be to terminate the position on Thursday (second candle from the right) since the price closed above last peaks (Monday + Tuesday) and earlier ones from mid-February.
I’m stuck with terribly loosing open position (-39% of deposit) however I still think that the trend will reverse or at least some correction occurs. Due to entering too early my position is totally out of place and so a big move downwards is necessary to just breakeven – time will tell, the worst part is lacking a clear point of when to finally close the trade (maybe around November / December 2018 price marks).