Technical Analysis Beginners Guide for Stock Trading & Forex

Update 6 USDJPY Short: Make or Break Line! You can hop in too.

I received incredible feedback on my previous 2 posts, so let me tell you my current views on this trade.
Original Post:
Update 1:
So let me give a quick summary so far. I have shorted USDJPY with 500x leverage using price action exclusively. It's been more than a couple weeks now and the trade is doing well. I have taken 3 entries of 40 lots each (I missed 1, wasn't paying attention). Entry 1 is at 111.630 Entry 2 is at 109 Entry 3 is at 109.3 (Since I place manual limit orders, I always prefer whole numbers) (Entries based on levels on the chart, refer link ) (Average buy price 109.9 ish)
I am trailing my SL. So worst case, I only lose the profit, I'm okay with that.
We had a very interesting start. Got almost half the move in mere 3 days, and since then it has recovered half of it.
I am not panicking. This isn't my first trade I've been doing it for years. I was already expecting this trade to go till October. I'll take whatever I can get.
As you can see from the chart, the price is taking support and let's call it the make or break line. If this level breaks and the price further falls and breaks 107, I'll have a happy Easter. It could also take a support and hit my SL dance around for a couple more weeks.
I can book my trade right now and take home a very significant money, but that's not what we're doing here.
We cannot be tempted by that profit to break our own rules. Right now there is a chance that the level breaks and we see further fall, and I'm here to capture that. My final target is 100.1, there is a possibility that level may never come, but in that case, I will be trailing my SL.
I still have room for one last entry, which I will add only after 106.87 low is broken.
Since my 2nd entry was so late (because the first retracement was late), I doubt I'll make 1.5 mil on this one, but it'll still be in 7.
Basically, trade is at a support, huge position and profit at stake, if breaks we're having drinks, if bounces we're here for another month.
You could call me incredibly dumb for not booking the profit right now, but again, rules > result. If I get out now, that would be a bigger loss than any monetary loss ever.
Let's see how this coming weeks plays out!
submitted by notshivekarora to Forex [link] [comments]

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