Trade 8 – EUR/JPY

Entry

eurJPY (-).pngReference: Weekly

eurjpy-daily-referenceFollowed the plan from here, entered within the TAZ (3399SMA) with trigger on a lower timeframe. There is another stop buy order on the ST SMA to add position when trade moves in favour.

eurjpy-entry-on-1h-daily-reference-with-objective-triggerThe trigger on the 1H.

1% capital risked for potentially 14R.

Range ››› Crossover ››› Breakout ADX>25 ››› Pullback ››› Candlesticks + Stop Entry.

Entry: 120.8 | Stop loss: 119.7 | Target Profit: 137

Psychology and emotions – Down with flu, having a productive day which I’m happy about but it’s still quite bad cause my bicycle got stolen.

Trade Management

No trade management for this position.

Exit

stoppedjpyStopped out.

Well, next entry will be based on the daily then with a stop order on the ST MA.

Update

eurjpyupdateFlag formation still in process. Above entry was definitely too early, without confirmation of a break out and perhaps a little fear on missing out. Not too bad a mistake though risk was managed and price did consolidate at the resistance a little bit. Perhaps more experience needed or it’s the very reason why traders use stop loss.

After snooping around for some timejpy1Refer back to this post. It’s gotten a bit interesting after plotting out a couple of S/R levels and using a 40120SMA for the TAZ.

jpy2A cup and handle pattern + Flag correction + Retracement back to the 50% fibonacci level as posted here + A bullish pinbar at the confluence point

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