Trade 11 – SGD/JPY

ENTRY

tr11-sgdjpy-weekly-referenceWeekly Reference: Break out from the outer trend line and price consolidates in a flag formation.

tr11-sgdjpy-daily-entryDaily Entry: The flag as shown. Price seems to bounce off the 100 SMA, similar to other JPY pairs. Entered on the ST MA on the 3399 TAZ.

Range ››› Crossover ››› Breakout ADX>25 ››› Pullback ››› Entry on ST MA

1% capital risked for potentially 3.8R

Entry: 80 | Stop loss: 78.7 | Target Profit: 85

Psychology and emotions – Hoping to enter at the bottom of the flag. Noticed the similarities between all the JPY pairs. It’s like trading the JPY basket right now. However, market still seems uncertain but perhaps I’m still not patient enough.

TRADE MANAGEMENT

sgdjpyThought this was interesting

02/03/2017 If this is a winner, shall let it runtpshiftSGDJPY (-).pngTarget profit shifted from 85 to 88. [1] The resistance at 85 seems like a relatively weak one. [2] Fibonacci expansion projects the 100% mark (probably end of wave 3) at the 87-88 region which is also a resistance level.

Potential performance 6.1R.

09/03/2017 @ 0200

sgdJPY1 (-)Daily outlook – Zoom into the flag correction (see below)

sgdjpy2 (-)4H outlook – Price broke out of the flag on the daily forming another flag on the 4H and 1H, expected to precede a move towards the upside.

[1] Stop loss shifted up to 79.4, halving initial risk

[2] Adding to winners, trading the break out of the flag. Waiting for confirmation, stop entry buy at 81.15 with stop loss at 79.9 and 0.5% capital at risk.

[3] If entry triggered, shift all stop loss t0 79.9 or under the flag (depending on the break and impulse wave)

10/03/17

Screen Shot 2017-03-10 at 2.39.56 PM.pngBuy stop order triggered, trailing stop shifted.

0.5% capital risked for potentially 5.4R

[Trade 11B] Entry: 81.15 | Stop loss: 79.9 | Target Profit: 88

16/03/17

sgdjpyupd.pngTrailing stop shifted to 80.1

Breakeven for Trade 11A (or 10 point gain)

EXIT

download.pngManually exited at about the same price at the previous low. Stop loss triggered anyway. Breakeven trade.

Review

download.pngThe importance of risk management.

& The concept of price being like water in a river with the current being the trend, channels being the riverbank and waves being the… waves.

Always be prepared for a waterfall.

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