Short 1 (1,000 units) GBPJPY @ 5825
Stop @ 5845 (-20 pips)
Target @ 5805 (+20)
Reasons for the trade:
- Pivot bounce at 5822
- Former support level
- Trendline break with convicted candle signaling possible downward move
Confidence level: 5/10
Click above for larger image
Took off 800 units at 5805 for a +20 pip profit. Moved the target level to 5705, +120 pips. Moved stop to +5 pips at 5820 and added a limit to take the profit at 5705 or +120 pips.
The stop was hit. If I had left the original stop in, it would have been profitable. I have no regrets though.
Click above for larger image
Total profit is +17 pips on the total position.
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