After doing RSW, this was one of the pairs that looked like a great opportunity. I like GBP/JPY better, but by the time I finished my analysis and got back to it, I missed my entry by more than 20 pips. This, however, was moving similarly, and I only was behind by about 6pips. The 15min chart showed a nice pullback pattern and then a confirmation, so I set a market order and bought in. Now I’m just waiting for it to hit 1R so I can make some money!
Entry – As I mentioned, I entered a market order because price had already broken the place where I would’ve set my entry order. I was late by about 6 pips, but I was comfortable with that, given my R:R
| Entry Order Level |
|---|
| 1.29547 |
| Stop Loss Level |
| 1.29155 |
| Target Level |
| 1.30284 |
Exit – 1.29678
This moved in my favor nicely, and then based for a while. It made it far enough to reach 1R, so I was able to move my stop loss to break even. I was pretty bullish on GBP so I didn’t want to be too aggressive, so followed the SAR with my stop on the 1h chart. Once it began basing, I left my stop at the low of the base (rather than continuing to follow the SAR, so it had room to move), and was even considering looking into adding to my position this morning. But when I woke up, I noticed priced dropped just enough to stop me out. I like this trade, and I like the setup, but I think I’ll look for another currency to pair against GBP
