Hi,
today I traded the USDJYP according to the 1h rules. At least I think it was. What do you think?
The idea was that price could break out through the trendline you see in the four hour chart. At 15:00 CET it was very obvious to me that price will at least reach that level and I didn’t want to wait for the close of the four hour candle. So I entered at the close of the 14:00 candle @115.85 and put the SL under the bottom of this candle @115.68. When price would hit the trendline I planed to put my SL to BE.
OK, negative point was, that there were only about 15 pips left to that breakout level and which is maybe too less to give the trade enough room when I put it to BE.
As you can see it was an entry near to the high, the target wasn’t reached. Were there any avoidable mistakes?
Thanks and regards
janson
EDIT: Ok, I listened to the audios again, and it seemed that I have had to wait for a TC signal on 1-hour as entry.
today I traded the USDJYP according to the 1h rules. At least I think it was. What do you think?
The idea was that price could break out through the trendline you see in the four hour chart. At 15:00 CET it was very obvious to me that price will at least reach that level and I didn’t want to wait for the close of the four hour candle. So I entered at the close of the 14:00 candle @115.85 and put the SL under the bottom of this candle @115.68. When price would hit the trendline I planed to put my SL to BE.
OK, negative point was, that there were only about 15 pips left to that breakout level and which is maybe too less to give the trade enough room when I put it to BE.
As you can see it was an entry near to the high, the target wasn’t reached. Were there any avoidable mistakes?
Thanks and regards
janson
EDIT: Ok, I listened to the audios again, and it seemed that I have had to wait for a TC signal on 1-hour as entry.