Forex Trading Journal:Double Top

I have a Analysis on the Gbp/Jpy that I think you will enjoy. Please leave your comments so I can get some feedback from you all about this trade. This is called being patient which is what I talked about last night in this post. I waited for the setup to play out and I am still waiting for the 8 hr candle to close.

The candle is going to close around 9 am est Time. Follow me on Twitter to see if I make the trade or not. I will broadcast my entry on twitter for everyone that follows me.

This is a counter trend trade but I am looking at it because of a strong Double Top Chart Pattern.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • I wait for the close because the price has a tendency to spike sometimes before the close so I feel that it is a more valid signal. However if I am feeling impatient I will go to a lower time frame chart and then wait for the close on that chart instead.

  • Good Job πŸ™‚

  • Kimbo4x

    Casey, why do you wait for close of candle? It looks like price was already below the first red reversal candle. Perhaps you were waiting because 9am EST is optimal trading hour in NY session with good liquidity/volatility? Thanks for inspiring me to start checking 8H candles.

  • mwylm

    Thank you. I took 48 pips and I am very happy with that too πŸ™‚

  • That is Funny but yes I ended the trade with + 56 pips and I am happy with that πŸ™‚

  • mihai o.

    The setup worked just as you expected. Great Job!
    You don't need the Oracle Trader, you are the oracle! πŸ™‚
    BR

  • Cliffbuck431

    Well done. should fill the gap. S1 is 135.85, 135.9 could be a good place to get out.

  • I fixed the tag thanks

    Yes 135.5 or 136 area watch support levels to decide.

  • You are right for sure see above comment.

    Thanks for the comment.

  • Ejaz

    But thanks To alert

  • Saadlovly

    But watch the momentum the way the GBP has been reached have some doubts in my mind But I will get back to u after doing my analysis

  • mihai o.

    As of trade setup, what would be take profit area? maybe 135.5 ?
    Thank you

  • mihai o.

    There is a text on upper area. probably a bad tag.