Live AUDJPY Trades

Hi Folks

I am going to start a new section on live trades, why I entered where my stop was and how I have managed it. I want to do this cause I think there is a lot of traders that are massively confused about what a high probability trade is and how to find and execute them.

Live Trade - AUDJPY - Short

This morning I have entered this pair with a short trade, their are several reasons for this and I would like to explain the thinking and factors behind it.

1. The failure for the bulls to break the monthly HL at 82.60 and Resistance further up at 82.80
2. Yesterdays close of the daily significantly opening and closing under the high of the previous day at 82.05
3. Much softer gold price down over $12.00 in yesterdays trading and starting Asian morning in the red
4. Right shoulder retest and respect of 82.60/82.80, this level held and was rejected

There are other fundamentals at play but I wont bore u with them.

Entry - 82.10 - 100% position
Stop Loss - 82.40 - 60% of position and 82.85 - 40% of my position - (this equates to a 36 pip 100% of position Stop Loss)

First Take profit - 81.25 - 40% of my position
Second Take Profit - 80.65 50% of my position
Third Take Profit - 10% of my position leave as a runner decide as it goes

So my cards are on the table lets see how this goes.

Update 1 - When this pair reached 81.80 earlier today I have cashed out 10% of my position, this is to cover myself with some profit for the effort.

Update 2 - At the European open as expected price made its way back to the Asian high, this is pretty normal the way I have handled this is as follows. I have two stop losses to this trade I have moved the first one from 82.85 to 82.45 and the one at 82.40 to 82.25, this way we keep it tight but give the trade room to move to the asian high to get orders filled.

Update 3 - Stop loss number 1 moved to break even

Update 4 - Take profit one has been triggered at 81.30 I moved it up 5 pips last swing down cause I want to secure this profit for the trade that way if it goes against me I am not saying goodbye to the profit cause of 5 pips, (don't be stubborn) take what the market delivers

Update 5 - With the pending open of New York I am moving my entire Stop Loss to break even. I am also looking at retiring for the night so this protects my position.

Update 6 - Trade has reversed and been stopped out at break even

Result - I rate this trade a 4/10 - I am happy that the trade reached it first Take profit, as this yielded a good amount pips/cash for the trade, but having it reverse wasn't part of the plan but that's trading.