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07/09/2009 GBPJPY Trade 2

Written by Hugh, on July 9th, 2009

Long 1 lot (500 units) GBPJPY @ 5106
Stop @ 5080 (-26 pips)
Target @ 5126 (+26 pips)

Confidence Level: 5/10

Reasons for trade:

  • Bounce off 5100 big figure level holding
  • Holding above M3 pivot
  • Higher highs/lows on 5 minute chart
Click above for larger image

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Stopped out for  a -26 pip loss.  I set the stop too tight and this wasn’t a good entry.  The bounce level I was loking for was in the middle of price action.  It would have been better if the support/resistance levels lined up with the pivot and the big figure.  The trade actually would have worked if I set the stop 10 pips further away.

Click above for larger image

Click above for larger image




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Category: My Trading   Tags: ,

This post was written by . His goal is to become a professional trader.

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