Squeeze Box Trade
First Position:
Long 1 (100) GBPJPY @ 4910
Stop @ 4748 (-162)
Target @ 5140 (+230)
Second Postion added looking for a bounce off the 4800 level:
Long 1 (100) GBPJPY @ 4813
Stop @ 4760 (-53)
Target @ 5140 (+327)
Click above for larger image
Stopped out on both positions for a loss of -54 pips and -162 pips for a total loss of -216 pips.
One thing I learned on this trade was that I should use the original stop for the second position unless price move significantly in my favor (100+ pips). Total account exposure was small, so there wasn’t too much harm done.
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