AUDJPY long investigation on M15

We have arrived to the M15 TF. It shows accumulation now and whatever happens (anything could happen) we are not to get married to the trade. The same setups happen nearly every day and trading is about catching a section of a move with very high probability. The initial assumption for a long trade could be good or could be turned around. But that is tomorrow’s story. While creating the charts one by one, I traded the assumption. It was as simple as placing a position in the second leg of the low structure, with reference to the pin within the first leg. I have closed the position already, enclosing it for reference. The same setup was valid today for USDJPY, CHFJPY, CADJPY. I chose to post about and trade the AUDJPY setup. Price may or may not go lower, but considering the upcoming spread widening it is not possible to tell about exact price behavior now. I have a projection but my thinking and evaluation will start before London open tomorrow and the Asian session could change everything. Price does not respect levels as most people believe. Price mostly respects ranges and areas and the ways of how price cycles could be built. It is more important to understand how the price moves, how and when it arrives to its destination than strictly defining tight ranges for it to show reaction and a turnaround.

So this is a story of how I made 7 pips today, what kind of discipline a trader should exercise and how to build the “big picture” for a trade. I have not talked about ranges, how events in sessions should be interpreted and patterns on HTFs and LFTs, so those will come with another trade, together with how to further build a narrative for intraday trading!