My EUR/JPY short trade has just met its target BUT...not before stopping me out this morning!...
This is one of the hazards of trading. This is an instance where the AB=CD and the Fibonacci level didn't turn out well for me. Subsequent to being stopped out, the price has met all 3 of my profit targets so I will take the positives pout of this and move on.
Showing posts with label EUR/JPY. Show all posts
Showing posts with label EUR/JPY. Show all posts
Wednesday, March 21, 2012
Tuesday, March 20, 2012
EUR/JPY Short Trade
I am short the EUR/JPY. The set up is on the hourly chart and is an AB=CD within a channel.
I entered at the "D" point which is just inside the channel. The purple boxes on the indicators show a divergence between the indicators and price. I have placed my stop further outside the channel so it is above the 1.272 Fibonacci extension which I hope will give me some extra protection if the price spikes through the channel. This means I simply reduce my trade size so that my £ risk is within my money management strategy.
I entered at the "D" point which is just inside the channel. The purple boxes on the indicators show a divergence between the indicators and price. I have placed my stop further outside the channel so it is above the 1.272 Fibonacci extension which I hope will give me some extra protection if the price spikes through the channel. This means I simply reduce my trade size so that my £ risk is within my money management strategy.
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