I recommend ONLY entering trades at the CORRECT TIME. To do otherwise is to accept substandard and non-optimal reward : risk ratios. It is difficult enough to trade profitably, without deliberately performing sub-optimal actions.
GBP/JPY may fall again to a good entry price. If not, I suggest scouting around for another trading opportunity, waiting for a better price, waiting on the sidelines, or reading a good book.
In this case, if one entered the trade even 10 pips too late, at 1.2410, then the reward would be 10 pips less, and the risk 10 pips greater. The reward : risk ratio would then be downgraded from to 4.0 to 2.8 .
GBP/JPY may fall again to a good entry price. If not, I suggest scouting around for another trading opportunity, waiting for a better price, waiting on the sidelines, or reading a good book.
In this case, if one entered the trade even 10 pips too late, at 1.2410, then the reward would be 10 pips less, and the risk 10 pips greater. The reward : risk ratio would then be downgraded from to 4.0 to 2.8 .