Heiken Ashi (Synergy Bars) Signal Order On GBPJPY
Hello, my fellow traders!
This trade was taken on Jun 3 2015. GBPJPY was in a strong uptrend. This particular strategy uses synergy bars (Heiken-Ashi) on the daily chart. Synergy bars arguably show the trend better filtering any noise.
When the daily candle closed, it was the first bullish candle after the bearish pullback. It was a strong candle with no big wicks and it was not a doji (small body, large wicks). Since the bar was the first strong bullish bar in an uptrend, there was no danger of exhaustion. That was also the beginning of the second or third leg so there was no danger of trend exhaustion. There was no area of resistance or congestion anywhere nearby. It was a perfect setup for a long trade. I had only one problem: there was no level on the chart or on the higher time frame charts where I could set my take profit level. In the end I drew a Fibonacci extension of the previous leg and set up the T/P around the 127 fib level (a little above it by mistake actually). I placed the S/L around the previous low extreme.
The next day around the time of the bar close I saw the price meandering around the 127 level so I manually closed the order. A 131-pip gain!
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Thank you and green pips to all of you!