Welcome to my blog. This is where I share my trading journal — the thought process behind my trades and the results of them. Today, I’m analyzing a trade that I took in the Franc-Yen Forex pair. Read on to see how this trade played out.
CHF/JPY Long
Expected Entry – 169.83 Stop Level – 169.65 Target – 170.1 R:R – 1.5
A lot of the JPY pairs are moving pretty strong right now, but I don’t see any great entry points. I could do a market order on some of them, and I considered it, but ultimately decided against it. When I got to the Franc-Yen chart, though, things looked promising.
Price was pushing up like it was in the other JPY pairs, but this one was on a bit of a pullback. It was only 1 candle, on the 15 minute chart; but that’s enough for me right now with everything moving.
Zooming out to the 4 hour chart; there’s a bit of resistance above my entry where, if I don’t even put my target at the highs, I still have a 1.5 R:R. I kept that as my target and put in an order with a .75% position size.
Entry – 169.83
Price slowly and steadily pushed up — which maybe could’ve been a sign to cancel the order and try again later? As quickly as the other Yen pairs were moving, I could make the argument that I should’ve been wary of this when it didn’t break as fast. Price never dropped below my stop, though, so I could also argue that it was fine to leave the stop as is. Either way, I ultimately left the order alone and around 11:30, I got the notification that it triggered.
Exit – 169.84
Over the next 3 candles, price made a relatively strong push up and quickly hit 1R. I moved my stop to break even, and price managed to push a little further in profit. From there, though, price reversed — nearly as quickly — and hit my stop for a break-even trade.
Once again, after hovering just above my entry for a few hours, price made a push in my favor and eventually hit my target. Early again.
Maybe I should take some comfort in the fact that I’m not really getting these plays wrong; I’m simply mistiming them. I feel like, at this point in my career, I should be way beyond that. But at the same time; based on my performance, I’m not. I need to not worry about how I feel I should be doing, and just continue to focus on the process of improving.
Anyway, thanks for coming back. I know this isn’t the most exciting time in my trading right now; but continue slogging with me. We’ll reap the rewards soon!