Welcome to my site! This is where I share my trading journal so you can follow along, learn, and grow with me. Today, I’m talking through a short trade that I made in the Forex pair EUR/JPY. Read on to see how this trade played out.
EUR/JPY Short
Expected Entry – 164.4 Stop Level – 164.6 Target – 163.8 R:R – 3
I think I’m just doing this to do something. I hope it works out, but ultimately, I just hope that it triggers so I have something to write about. It’s not a great position to be in, but here I am.
I, as with all of the trades that I make, like the movement here. I’m doing something a little different, though. I’m setting a limit order to short this at the top of this small range since price is currently pushing up a bit. With the limit entry, and my stop being above the next key area to the upside, I’ve got a nice 3 R:R.
Entry – 164.408
I noticed this pattern first on the 4 hour chart, and am ultimately setting my entry on the hourly. I like the key areas and the R:R, so I set it. Hopefully it works out.
Exit – 164.6
It didn’t. It took a little bit to trigger, but I looked at the chart to see how it was moving and as I was looking price shot up and triggered my entry and got within a couple pips of my stop within a couple seconds. There was a bit of a pullback from there — only for a couple minutes though — before price pushed up again and triggered the exit.
From there, price has pushed down and is sitting on my entry right now. I considered shorting it again, but I don’t want to chase or “revenge trade”.
I’ll leave the lines for now, so we’ll see how it goes in the coming hours; but I’m done for now. Like I said, I did it to do something, and I’ve got a decent plan for the next few trading days. I guess building a factory is satisfying/fulfilling enough.
Thanks for reading. Let me know in the comments what you thought about today’s trade and/or if you were able to capitalize on movement in this pair. And stay tuned for more trades, I’ve got some exciting plans for the future.