Welcome, thanks for checking out my trading journal. This is where I share all of my moves in the financial markets, from day trades to long-term investments. Today, I’m talking through a trade I made in the Forex pair Pound-Yen. Read on to see what happened with this one.
GBP/JPY Long
Expected Entry – 191.35 Stop Level – 191.10 Target – 191.80 R:R – 1.8
Once again, I’m simply looking through charts and putting out orders where I like the patterns. GBP/JPY is the first thing I like — price has been down for the last few days overall, but since last Friday, price has rolled to the upside. Looking this morning, I see a bit of a base/pullback that’s formed after breaking some resistance back to the upside, so I set my orders around that price action.
My R:R is 1.8, so a little less than 2. But I still like the pattern, so I’m leaving the order. We’ll see how it goes.
Entry – 191.35
A little over 10 minutes after setting the order, price pushed up and triggered my entry.
Price only pushed a little in my favor at first, but made another pullback. That pullback wasn’t sustained, though, and after 2 candles, price pushed back up. That upward move eventually caused price to hit 1R, and I was able to move my stop to break even.
Exit – 191.378
There was still a little strength after that, and I was actually able to move my stop one “SAR” dot above my entry. That was the highest I was able to get it, though, before price reversed enough to hit it. It wasn’t big, but a definite profit with this trade.
It’s better than a loss, for sure. I need to focus on the positives. But at the same time, my wins need to be bigger. I’m planning on changing up my trading habits a bit; so hopefully soon the big wins will come. Until then, 
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GBP/JPY Short 3/21/2024
Expected Entry – 192.2 Stop Level – 192.9 Target – 190.8 R:R – 2
In the interest of full disclosure, while looking through the numbers for the March 25th long trade, I discovered a Short trade in this same pair from March 21st. I looked through my notes, and I can’t find any mention of this trade anywhere. I don’t remember it either. I have no idea how it slipped through the cracks. This is very unlike me, and I don’t know how it happened. I can not make these types of mistakes…
Oh well, looks like it was maybe the break of the “neck” of a double-top that I was playing. I don’t see any specific patterns, especially given how high my stop was. Price made a small push in my favor and apparently that was enough for me to move my stop to break even already. Closed at the open for a break even trade.
Thanks for reading and staying through the ‘bonus trade’. Leave a comment letting me know your strategies of recording your trades, and if you’ve every completely overlooked one like this. And stay tuned for more trades!