USDJPY
- Currency Pair: USDJPY
- Position: buy
- Lot Size: 0.02
- Risk/Reward Ratio: 2.0
- Profit/Loss: -$5.28
Entry Rationale
- The daily, 4-hour, and 1-hour charts were all bullish.
- The price had fallen to around the pullback area of the uptrend on the lower time frames.
- The 21-period moving average on the 4-hour chart overlapped at that level.
- From the price action, I believed the pullback buying pressure was strong.
Explained in detail in the market analysis article below↓
Entry Point, TP and SL Level
4h
1h
5m
The price fell to the pullback area of the uptrend on the lower time frames and closed with a long lower-wick candle, so I entered a long position.
Expecting an upward Wave 3 on the 4-hour chart, the planned take-profit point was at the level projected by the full length of Wave 1, around a price zone likely to be recognized on the 4-hour chart.
The planned stop-loss level was when the price broke below the pullback low of the uptrend on the lower time frames.
Trade Review
This time, it was a long entry aligned with the higher time frames and riding the uptrend on the lower time frames.
Instead of a limit order, I confirmed the price action before entering, but it still ended in a stop-loss.
The entry was around the middle of the 1-hour range, where the price could have moved either way, but I went long because the buying side seemed to have higher probability.
