GBP/JPY trade recap

After failed to catch downside momentum on two bearish pins rejecting the daily pivot point I decided to wait for a signal to enter at a better price level. Unfortunately I got distracted at the desk – being busy as equity markets were hammered as well – and missed a perfect setup as the pair pulled back and formed a small but meaningful pin rejecting the top of the prior pullback. Its a pity but I have drawn the conclusion to dare to enter in the direction of the breakout if offers a valid entry signal.

What I have overlooked was a 1-2-3 reversal of a minor trendline of the pullback countering the underlying trend. Also I have to note that hikkake patterns are not reliable on the 10-minute timeframe as it often occurs during consolidations.

Summary:

setups traded/missed       2 : 1
trades won/lost            1 : 1
pips gained/lost        34.1 : -51.7

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One response to “GBP/JPY trade recap

  • theronintrader

    After looking back to the trades I made on this day it is obvious that my trailing stop was too tight and that I have to leave more breathing room for the trades. Perhaps I will go back to use ATR based initial stops.

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