Patience Pays

Most of our time as traders is spent waiting. Waiting for setups, then entries before exit signals. Sometimes we don't have to wait too long before price moves straight to target and other times we need to wait a long time. Whichever way it happens, it's important to consistent with your trading plan so that you are able to profit when there is opportunity. Over the last few weeks I've been waiting for EURJPY, GBPJPY and CADJPY to fall. They have taken their time but have all fallen as expected.

EURJPY - Short

Two weeks ago price engulfed a demand level on the daily chart and the path below was clear for profit. Given that there were no clear obstacles it was reasonable to expect that price would fall straight through the large green candles that were on the chart. Having highlighted a level to short from in the members area, I wanted a move straight down. However not long after the entry and I had a signal to exit. There was just under 100 pips in the trade but when there are hundreds of pips on offer, it's natural to want more. I followed the plan and exit. Last week I mentioned that I was still waiting for further shorts on EJ (you can find the article here) and there another trade short which gave us a couple hundred pips more. We were able to make a decent profit but only after to shots on this pair. Both trades were consistent with the rules and that's the important thing to stick too.

Trade 1

2015-01-06 EJ Short H1

2015-01-08 EJ Short H1 v01

2015-01-08 EJ Short M5

Trade 2

2015-01-12 EJ Short M30

2015-01-13 EJ Short M5

CADJPY - Short

I've been watching a CADJPY short since before Christmas and I mentioned again here. Last week price finally gave us a signal and the trade was good for over 150 pips. It took a long time but it was worth the wait.

2015-01-12 CJ Short D1 2015-01-12 CJ Short M30

2015-01-14 CJ Short M30 v012015-01-13 CJ Short M5 v02

GBPJPY - Short

GJ had a similar setup on the daily chart as EJ and whilst it hasn't given me an entry yet, I'm still watching it as it's not fallen to demand yet.

Stick to your trading plan however long the setups may take. It's better to be out of the market than entering trades that don't meet your criteria.

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Happy Trading

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1 Comment

  1. naveen on January 20, 2015 at 09:57

    Nice Trades Joe.

    Keep it up.

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