| Entry Order Level | Stop Loss Level | Target Level |
|---|---|---|
| 108.194 | 107.736 | 109.415 |
Entry
After watching Sunday’s FX room, and looking at the currency baskets, USD/JPY looks strong. USD is strong, JPY is relatively weak, and it’s up against a pretty strong resistance level.
I set my entry order for one pip above resistance on the Hourly chart, and, after a few hours of minimal movement, it was triggered.
Exit – 107.734
The trade moved in my favor for a bit, but never reached 1 x my risk, so I never adjusted my stop. I don’t know exactly what happened, but a lot of sellers came in the morning after I entered the trade, and I ended up getting stopped out.
