Looking at my RSW, as well as Baby Pips’ RSW chart, and JPY was the most volatile and strongest currency of the day. I looked at it vs GBP and AUD, but USD was the only chart that was showing me patterns I liked. Later in the day, I took another stab at USD/JPY short. This time, on the 3 min. chart, price pushed down for about 10 candles in a row, rallied for a couple, and that’s when I put another entry order in.
Entry – 132.984
Exit – 133.103
Price pushed down enough to trigger me in to the trade, but that was about it. I set my stop as a trailing stop, too, so not too long after triggering into the trade, and pushing slightly in my favor, price pushed back up and hit my trailing stop for (at least) a less-than full position loss.
Again, I think this is still due to me picking trades in the opposite direction of the overall trend — though if I had a wider stop from my first trade, I might’ve been able to ride it to my entry here which would’ve been in profit. And after getting stopped out here — it’s complicated. Price eventually made it to my target, but there was a lot of chop and upward movement within that. No matter what rules I’d follow, I don’t see a way I would’ve made much here — maybe break even at best.
I guess I’ll just keep practicing. Paying attention to overall trends, try to find cleaner entries and not force anything. Just keep swimming.
