This was a demo trade as previously I was still hanging on to CADJPY short and hard to change my mind to get into a live short position.
But I was still happy that I shorted this knowing that it looked like only going down.
Channel broken, with a WR4b. This channel was very symmetrical and nice. And previous day close was a decent close although a bearish day close expansion would have gave me high conviction to go short.
I was using a slightly revised charting format and from line chart version it seemed that price found support turned resistance.
Post CAD news, price plunged straight to neckline. I suspect that a right shoulder might be formed, so I have set TP at neckline area to exit trade. This trade is about understanding the construction of consolidation for flagpole, and trading the wave as countertrend leg.
I feel that I am always on form and mostly right in direction when I follow my setups and trade on edge.
My worst enemy is when I jumped from random levels which sets me back when price retraces back and leaves those position stuck in the middle of no man’s land. If I can restrain myself, I can always trade from the most tactical level and hence feel comfortable.
I have only myself left to beat.