EURJPY Short trade – Trading Journal

04/07/14 – Another Short Trade on a major Forex Pair on a 60 minute chart.  This time EURJPY on my XTL breakout strategy and similar to the AUDUSD trade yesterday, except this time it’s initial; breakout wasn’t strong enough to take profits.  The Entry point for the Short Trade was 138.73 with the Stop Loss at 138.96 and an initial Take profit Limit Order @ 38.37.  Another 36 pip move to reach my 1.6% minimum profit line (this is not by design, but exactly the same as the AUDUSD trade yesterday).  After the initial breakout this Short trade pulled back on a W4 to close for the weekend at the break even point.  I didn’t close out the trade before the weeks session end as there is no indication of this overall Bearish trend reversing, it simply pulling back.  I have therefore left this Short Trade on to carry on when the session opens Sunday night.  As Below

EURJPY

08/07/14 – 7 am European Time – After a good day yesterday for this short trade the price pulled back above the support level over night, then back below first thing this morning.  I have also drawn a tight trend channel in the chart which shows that the price should continue to fall s this is now acting as resistance.  Now the original support level will now act as resistance to further price rises for this short trade along with the Trend Channel.  I have adjusted the Stop Loss to 138.650 just above the Main Pivot “M” to lock 0.4% profit on my trading account and make this a “Risk Free Trade.  As Below

short trade

08/07/14 – 1 pm European Time – As predicted earlier this EURJPY Short Trade has had a strong bearish movement towards the next major support level.  I have decided to move the trailing stop quite aggressively now to 138.38, which locks in my minimum acceptable profit for a trade of 1.6% profit on my trading account balance.  I will be looking to take profits on this trade this afternoon if the price hits the major resistance level around 138.13,  As Below

EURJPY

08/07/14 – 2 pm European Time –  A large bearish move took this short trade into the major resistance zone and I have decided to take profit at 138.12 to give me a nice 2.75% profit on my trading account balance.  This was a 61 pip move and I suspect the price will pull back off this support level on a Wave 4 pull back.  I will monitor this EURJPY pair and look to re- enter this short trade if it sets up well for one of my Wave 5 trades.  As below

EURJPY

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paul.bratby@hotmail.com'

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