Hi,
There were multiple reasons to enter this trade, looking for a bounce off of:
- 5900 big figure
- Trendline
- Support area
- Pivot point
- This trade is in the direction of the major trend
Long 1 (600 units) GBPJPY @ 5900
Stop @ 5865 (-35)
Target @ 5975 (+75)
Here is what the trade looked like when I entered:
Click above for larger image
I planned to take off 500 units at the target and move the stop on the remaining 100 to +5 pips. I put in a limit sell for 500 units @ 5975.
Here is the final result:
Click above for larger image
As you can see, price just missed the target. I should have taken my profit when it got near the target. No sense in getting greedy. I was already at a favorable risk/reward outcome at that point.
