USDJPY
- Currency Pair: USDJPY
- Position: sell
- Lot Size: 0.02
- Risk/Reward Ratio: 1.25
- Profit/Loss: -$4.65
Entry Rationale
- The 4-hour chart had a bearish bias.
- The 4-hour Elliott Wave’s downward third wave had not yet occurred.
- Entered short from the upper limit of the range.
Explained in detail in the market analysis article below↓
Entry Point, TP and SL Level
4h
1h
5m
Since the price reached the area near the last swing high on the 4-hour chart and the recent high on the 1-hour chart, I entered a short position.
The planned take-profit level was set slightly before the last swing low on the 1-hour chart.
The planned stop-loss level was when the price clearly broke above the last swing high on the 4-hour chart with a candle body close.
Trade Review
This trade also ended in a stop-loss, but I was able to follow my rules.
When I woke up in the morning, the price had already broken above the last swing high on the 4-hour chart, and I cut my losses when it pulled back slightly.
Originally, this trade would have resulted in a bigger loss.
After the stop-loss, the price continued to move further in the loss direction, so I think the strategy itself wasn’t bad.
