GBPJPY Trade Entry Triggered
Updated
Hello again, everyone.
I've recently hit a losing run with my GBPJPY strategy. This is completely normal!
So I've since started decreasing the number of trades that I've been taking.
What I've seen over the last few trades, is that price tends to go in my direction after hitting my stop, which shows I'm entering too early and using a SL that's too tight.
I am fine with losing 1% a day as that is what I allow for with my strategy.
GBPJPY has seen moves as big as almost 2% candles on the 1D timeframe, so the markets are very volatile at the moment.
It's either a blessing or a curse, it just depends on what side you're on.
Anyway, I digress. As you can see by my chart, price has triggered my sell order, and we are now in a trade.
Let's see how this plays out.
I've recently hit a losing run with my GBPJPY strategy. This is completely normal!
So I've since started decreasing the number of trades that I've been taking.
What I've seen over the last few trades, is that price tends to go in my direction after hitting my stop, which shows I'm entering too early and using a SL that's too tight.
I am fine with losing 1% a day as that is what I allow for with my strategy.
GBPJPY has seen moves as big as almost 2% candles on the 1D timeframe, so the markets are very volatile at the moment.
It's either a blessing or a curse, it just depends on what side you're on.
Anyway, I digress. As you can see by my chart, price has triggered my sell order, and we are now in a trade.
Let's see how this plays out.
Note
Look at that! The blue line on the chart is an area of support. The reason I used a thin line rather than a purple rectangle, is because this level was seen on the 1HR timeframe, rather than the 1D.As you can see price reacted to this level and reversed to hit SL.
Trading is fascinating. Even though this trade reversed and hit SL, the fact it precisely hit the level of support is terrific!
We will go again with another trade very soon!
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