USDJPY
- Currency Pair: USDJPY
- Position: buy
- Lot Size: 0.01
- Risk/Reward Ratio: 2.90
- Profit/Loss: -$0.99
Entry Rationale, TP and SL Level
4h
1h
15m
On the 4-hour chart, the price rebounded at the lower boundary of the range and was heading toward the upper boundary.
It broke above the descending channel, and I will look for price action on the lower timeframes at the line that is now functioning as support to enter a pullback buy.
The take-profit target is set near the recent high.
The stop-loss will be placed if the support line at entry is clearly broken to the downside.
Trade Review
I entered because the support line was strongly respected, but just before entry, a long upper wick bearish candle appeared on the 1-hour chart, indicating that selling pressure was fairly strong.
In the end, the support line was broken, and my stop-loss was triggered.
Although I thought it was a high-probability point, I had also considered the possibility of a larger pullback on the 4-hour chart, so perhaps I should have passed on the trade once I saw the 1-hour upper wick bearish candle.
