Trade 15 – CHF/JPY

Entry

15chfjpyDaily Reference with price breaking support and a trend line has formed. Price could potentially retrace back to former resistance points that might play the role of support.

152chfjpy4H Entered a limit order at former support level and expected it to turn into resistance. Did not consider the time factor, did not wait for confirmation. Expected confluence point as shown by the red arrow. Definitely an early entry with corrective wave trend line still intact and downward trend line not touched yet.

1% capital risked for potentially 3.5R.

Entry: 112.2 | Stop loss: 113.1 | Target Profit: 109

Psychology and emotions – FOMO is real with this one

Exit

CHFJPY (-).pngEstablished above that it was a terrible entry. Stopped out. Seems line the support break on the daily is a fake-out.

[1] To go short, wait for confirmation with bounce off downward resisting line and break of correction trend line.

[2] If flag forms, look to go long.

 

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