Hello Everyone
Yesterday was an interesting day with the refusal for eurjpy at 125.00, with plenty of supply seen at this level during the New York session we have seen falls to around the 124.00 level and further falls expected after a very bearish close at the tokyo open this morning.
My reasons for this trade
- Bearish pin bar close on todays daily candle
- 125.00 handle supply eventuated and was validated by new york traders pushing price to a low of 123.90 overnight
- Euro fundamentals still bearish with no sign of any real action on sovereign debt, traders won't be persuaded to buy euro until a suitable resolution is put forward to the market.
- Weekly pivots of S1 (122.26) and S2 (120.00) are reachable within the current daily trading range of 125.00 - 120.00
Entry - 124.15
Stop 1 - 124.60
Stop 2 - 125.05
Profit 1 - 123.30
Profit 2 - 122.30
Profit 3 - 121.80
Final Profit - 120.10 ( Close of Trade)
Update 1 - Admin Fee Achieved
Update 2 - Break Even Set
Update 3 - Take Profit 1 triggered
Update 4 - Stop move to +40
Update 5 - Take Profit 2 triggered
Update 6 - Stop moved to +75
Update 7 - Take Profit 3 Triggered
Update 8 - Stop moved to +115
Update 9 - Trade is closed stopped out at 123.02
My rating for this trade is 8/10 not a bad run, made all my profit targets except one, its pretty much behaved the way I expected it to.
Update 2 - Break Even Set
Update 3 - Take Profit 1 triggered
Update 4 - Stop move to +40
Update 5 - Take Profit 2 triggered
Update 6 - Stop moved to +75
Update 7 - Take Profit 3 Triggered
Update 8 - Stop moved to +115
Update 9 - Trade is closed stopped out at 123.02
My rating for this trade is 8/10 not a bad run, made all my profit targets except one, its pretty much behaved the way I expected it to.
Posts
good entry, I would set profit3 or 4 about 120.66 as there will be many players trading for inverse head & shoulders.
ReplyDeletecheers
M4 - Thanks for your comment whilst I agree with the inverse H&S, I would also say its not overly pronounced and obvious like some are, and given that the market will have fallen close to 500 pips by the time it gets into the low 120's then I think the pro money will definitely look for the orders at 119.90, but yeh that H&S could yield some bounce.
ReplyDeleteSimon
Hi Ironman, I notice you have 2 stop loss levels. What % of the trade do you close at stop 1? Also, What is admin fee? Very good blog here, thanks, P
ReplyDeleteMy Stop losses are set at 50% of the position for each stop loss. I like to give my trades a chance to move a little but keep my Money Management in check. Ther Admin fee is a small number that I like to take at say 20 to 30 pips where I normally cash in 2 to 3% of the total posistion its a little something for the time I invest in the trade in case it goes against me. I like to think of it as payment for the work I put in prior to taking the trade.
ReplyDeleteSimon
Hi Simon, Do you usually move stops to break even after achieving the admin fee and before target 1? Thanks, P
ReplyDeleteI dont have hard and fast rules around the taking of the admin fee, normally 20 t0 30 pips but totally negotiable.
ReplyDelete