I alluded to this in the last entry. I still like CAD/JPY this morning, and I wouldn’t consider this a revenge trade in the least. I actually, after losing my first trade, decided that I wasn’t going to trade anymore for the rest of the day.
I kept my chart open, though, and a few minutes after closing my prior trade, I saw another setup that intrigued me. Price pushed up to the highs it made shortly after triggering me into the first trade and formed a base yet again. This would’ve been the third time the area was tested (though that wasn’t in my mind at the time of the trade), but more importantly, the up-moves didn’t look exhausted necessarily and I still liked this long play. The risk was a lot smaller, and with the same target I had a much better R:R, so I set an entry order.
Price triggered me into the trade, and, since I had such a small stop-loss, quickly hit 1R. I followed my rules and moved my stop along the SAR on the 1m chart — using the second-most-recent SAR dot. At one point, I modified my trade, but forgot to hit the “modify” button in TradingView, so it didn’t go through. Price was right around my stop at that point, though, so if I had, it would’ve triggered. That was a mistake, but one that resulted in a positive for me, but I still need to be better and not make those mistakes.
Entry – 108.75
Target – 109.13
Stop – 108.7
R:R – 7.6:1
Entry – 108.76
Exit – 108.866
Eventually, price slowed down and started to base again, which pushed it down to the SAR and thus stopping me out — but for a decent profit before it did so. It was a clean setup, on a clear pair that was working against each other, so it was a good trade in my opinion. The only thing I will say about it is that potentially a better trader than I could have pulled more money out of the movement that this made. Maybe.
I followed the rules I learned, I need to be more positive about my abilities and confident in the things I know about trading. I’ve been doing this for a while. I need to stop forcing things and be patient and look for cleaner setups like these (though the prior trade, I thought, was nearly just-as clean.. I can’t say the same about last week’s+). Patience is the key.
