Hi Everyone,
I took a small scalp trade last night.
Long 1 (500) GBPJPY @ 5727
Stop @ 5700 (-27)
Looking for a bounce off the trendline and the M2 pivot. Since this wasn’t what I would consider a really “hard” level where price would bounce significantly, I was cautious.
Click above for larger image
I closed out the position at 5730, for a quick +3 pip profit. Price action wasn’t favorable in the long direction, so I decided to take what I could get.
I have been finding recently that I am pretty good and picking bounce levels and fading them but my weakness lies in not taking profit soon enough and having the market come back and take out my stop. In this case, the market did move lower, so I am glad I took my profit.
If you had leave it towards the top trendline, you could earn eeven more profit out of it. though at the moment it is forming a triangle. and broke through it.