TOC
USDJPY
- Currency Pair: USDJPY
- Position: buy
- Lot Size: 0.02
- Risk/Reward Ratio: 1.80
- Profit/Loss: -$2.42
Entry Rationale
- The daily and 4-hour charts were in an uptrend.
- The price had fallen to around the last swing high on the 4-hour chart.
- Assuming it was the fifth upward wave in the 4-hour Elliott Wave, I placed a buy order.
Explained in detail in the market analysis article below↓
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Entry Point, TP and SL Level
4h
1h
5m
Since the price had fallen to around the last swing low on the 4-hour chart, I entered a long position.
The planned take-profit level was the recent high, and if possible to extend, the next high after that.
The planned stop-loss level was when the price clearly broke below the last swing low on the 4-hour chart with a candle body close.
Trade Review
It was a trade in the direction of the daily and 4-hour trends, but against the trend of the recent lower time frames.
This time as well, I entered using a limit order without watching the price action.
In the end, it resulted in a stop-loss, but I was able to follow my rules.
