Welcome to another trade! After my analysis this morning, EUR/JPY was one of the pairs I put my focus in.
Price had been moving sideways for most of the morning, but when I got to this chart, there was a strong push down that took out the lows of the base. I ran numbers to get in quickly with a stop at the highs of the base, but the R:R was less than 1, so that wasn’t viable.
Entry – 156.863
Stop – 157.1
Target – 156.43
R:R – 1.8:1
Entry
I looked at CAD/JPY and there wasn’t anything there, so I came back to this. I remembered something one of my coaches said back when I was with the prop firm, and it was something along the lines of “get in when you can, if you miss the entry by 5 or so pips, it’s not a big deal when you’re shooting for 50 – 100 per trade”, so I ran the numbers using a market order with my stop being the lows of that base. It offered close to a 2 R:R, so I pulled the trigger.
Exit
Price sat at my entry for a couple minutes then began to rally. The rally, unfortunately, was fairly deep, and it pushed up enough to stop me out of the trade.
Price is seemingly stalling at the lows of the base it broke this morning, now that it’s rallied up to that level. It looks like a good retest to me, so I put out another entry order. I don’t love the movement of CAD/JPY right now, so my focus is here. We’ll see how this plays out, and if price spikes more, I’ll just cancel the order.
Price did continue to push up, so I cancelled my second order, and am sitting on one trade for the day. I’m going to work on some blog stuff now, and revisit the markets this afternoon, hopefully.
Only one trade today and it didn’t work out. How did you all do? Let me know in the comments below, and stay tuned for more trades!