Trade 17 – EUR/JPY

Entry

17eurjpyReference on the Daily Bad idea to go short on support. Especially on a pullback.

17feurjpyEntry 4H Went short with a market order (bad, bad, bad) when price hit the downward trend line. No confirmation as corrective wave line still intact.

0.5% capital risked for potentially 3.7R.

Entry: 119.691 | Stop loss: 120.6 | Target Profit: 116.3

Psychology and emotions – FOMO again, just like the Trade 15

Trade Management

updEURJPY (-).pngPrice broke trend line as seen. Given that this is a pullback and price bounced off a support level, upside potential is there.

[1] Manually exit or get to break even when price corrects.

[2] Look to go long upon further confirmation of upside.

EURJPY (-).pngShould have never entered this short trade due to the falling wedge pattern.

Exit

closeeurJPY (-).pngStopped out, as expected.

Lesson: Never limit order.

Wait for price to get to intended level and enter only upon confirmation with break of pullback trend line by using stop order.

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