Welcome to another entry into my Forex trading blog and journal. Today, I’m discussing the trades I made after doing my analysis in the morning. Continue reading to see how I trade, including setups, entries and exits.
AUD/JPY – Short
I also liked AUD/JPY, but not as much. I looked at the hourly chart, though, and picked a target that I liked, and saw a decent entry and stop area as well. Remembering that the only missed trade is one where you do the analysis but don’t pull the trigger, I put an entry order out, though with 1/2 a position size because I wasn’t as confident with this pair.
Price, while being a little choppy, bottomed out, made a sizable spike back up to a resistance area that had recently been support that was broken, which looked like a good re-test to me. Price didn’t get to within that area, I guess I could say, but it was near the lows, so I put an order at the break of those lows again, and my stop at the highs of that prior range.
Price pushed down enough to trigger me in to the trade, and looked good for the first couple of minutes. Unfortunately, though, the downward pressure stalled and price pushed back up again within the next couple of minutes and stopped me out of the trade.
Looking now, there are a lot of wicks in the area I tried to trade and not a lot of bodies — which is something specifically I didn’t want to trade. I think I’m feeling the pressure of not having that many trades under my belt this week. I did my analysis, though, and in trying to trust myself, pulled the trigger.
I guess if I’m not confident enough in something to put a “full” position size into it, I shouldn’t take the trade at all. Something to think about. Oh well, at least I got a trade in, I guess. I need to work on being more patient, I think. IDK. Let this one go, can’t go back, and just keep swimming.
EUR/JPY – Short
I liked EUR/JPY the best, but didn’t love the movement on the 5min. Chart. Why not? The rally appeared, to me, to be less smooth than I would have liked. I did, however, like it on the 15 min. chart — it looked like a clean 3-candle upward move after a strong push downward.
I set an entry order to trigger me in if it pushed back down from where it was. Unfortunately, my initial order was a bit low, as price pushed up above my would-be stop order, so I cancelled the order. I kept my eye on it, though, and price seemed to stall out at the next resistance area, so I put an entry order at the break of support, which was my initial stop area.
Price made a good push down and triggered me in to the trade, but as of right now is largely rallying off of that area. I’m still in it, though, and will revisit when I’m able to close this. Ideally, in profit.
Price only pushed down enough to trigger me in to the trade, and largely rallied from there. It made it up to that resistance area and stopped me out of the trade. I don’t hate this trade and can’t pick out anything I did too wrong. The primary thing being that the bear move before the rally I traded was quite outsized.
It could probably be described as an extended move, so maybe that should’ve disqualified the trade. I’m not so sure, though. I would like to trade cleaner/smoother moves, but that’s not always the realities — and I did my analysis and liked the pair and direction, so I’m not terribly upset about it (other than the fact that I lost the trade).
EUR/JPY – Short
Maybe I’m making the same mistake, but price seemed to slow down again, so I put another short order in on the break of that support area again and it just triggered. We’ll see if I can’t make back some of what I’ve lost today.
Was it a revenge trade? I don’t think so, I have an overall conviction and I set an entry order on another break to the downside, I didn’t set a limit order at the highs, or a market order or anything. Honestly, I wasn’t even thinking about “getting back” at this pair, it’s just that it was my favorite pair, I was already bearish and just felt like I got in a little early so I tried again. Price did push enough to allow me to move my stop to break even, but that was the extent of it. From there, it rallied again and stopped me out at break even. I took a few trades today, so I’m stopping here.
Thanks for reading. Today wasn’t the most successful trading-wise, but I’m getting back into the swing of things and regaining my confidence. Let me know how you’re doing with your trades in the comments below and stay tuned for more analysis!