In this article I want to share my LIVE trade on NZDJPY with profit +194 pips. Also I want to explain few important elements of trading which were applied in this trade.

1- Trading plan
2- How to set Entry, Take Profit, Stop Loss
3- Psychology of trading in opened position

1- Trading plan

As you can see I was searching on daily chart of NZDJPY currency pair. My trading plan was waiting for BREAKOUT or RETEST of MAJOR RESISTANCE. What happened was BREAKOUT. On left side are last retests in orange color. When you are trading LONGTERM you need to wait until candle on DAILY chart is closed. Why? Because we don’t want to BUY on initial BREKOUT, price could go down before candle is closed and formed daily Pinbar as RETEST of MAJOR RESISTANCE.

2 – How to set Entry, Take Profit, Stop loss

In next pictures you can see logical levels where to set your orders. ENTRY is based on lower time frame, where is breakout of daily S/R level. STOP LOSS is in logical area below daily S/R level. Because price is closed always above S/R level, it means that
selling pressure is not enough and bulls are stronger.

NO TRADE ZONE – it is zone where it has no sense to set any order.
AREA FOR PENDING ORDERS – it is zone where are “WAITINGBUY STOP orders from traders.

In this trade my TAKE PROFIT level was trailed STOP LOSS.

3 – Psychology of trading in opened position

As you can see in this trade my TAKE PROFIT was TRAILED STOP LOSS. After 3 days of nice move up it has sense to protect gained profit. Risk Reward Ratio was positive. I wrote this article because in my experience, what can help traders is not only theory but real trades. When you have LIBRARY of your trades, it is part of psychology because you can compere actual price behavior with history. Forex market is about learning from history, some patterns are repeated all the time, so I know what I will be looking for next time when price will break above resistance. Part of psychology is also your ability to know, when to start buy on market. Everything is covered with pending orders. Don’t try to be first person who will make buying pressure, try to find areas where are waiting other traders and together start trade.
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