USDJPY
- Currency Pair: USDJPY
- Position: buy
- Lot Size: 0.02
- Risk/Reward Ratio: 2.20
- Profit/Loss: +$16.18
Entry Rationale
- The daily, 4-hour, and 1-hour charts were all in an uptrend.
- Price has pulled back down to the previous high on the 4-hour chart.
- The 21-period moving average on the 4-hour chart is overlapping with that previous high.
- This area also corresponds to the last swing low of the 1-hour uptrend.
Explained in detail in the market analysis article below↓
Entry Point, TP and SL Level
4h
1h
5m
Price pulled back to the previous high on the 4-hour chart, which overlapped with the last swing low on the 1-hour chart, so I placed a buy limit order around that area.
The planned take-profit was set just before the 150.000 yen level.
The stop-loss was placed to trigger if the price clearly broke below the 1-hour chart’s last swing low area.
Since the price reached the take-profit level, I closed the position.
Trade Review
In this trade as well, after entering, I barely looked at the chart.
I had set my stop-loss just before the price could break below the last swing low on the 1-hour chart, anticipating that if it did, the price might fall down to the swing low area on the 4-hour chart.
Fortunately, the trade moved in the expected direction with almost no drawdown.
With the round number at 150 yen and the weekly chart’s swing high nearby, I decided to take profit before those levels, mindful of potential sell orders.
After entering, I spent time enjoying baseball and couldn’t watch the chart, though I was a bit curious about the position.
Still, I was able to leave it alone until the take-profit was hit.
