October 22nd, 2012Tradesadmin 1 Comments

NZDJYP

I went long on the NZDJPY due to the following factors:

  • All moving averages (MAs) are up.
  • Price itself is above the MAs.
  • The price bounced off the weekly pivot (WP), previous day high (PDH) and at the point of entry the previous week high (PWH).
  • Trading away from the daily pivot (DP) and WP.

I entered this at 65.30 at the green candle with the red arrow. Looking back on it now, it may have been a little early due to the previous doji candle. I set the stop loss to PDY at around 65.11.

I’ll update this once I close the order.

Update – 15 pips loss:

NZDJPY - Hit stop loss

5 hours after I opened the order, it hit the stop loss for a loss of 15 pips as shown above. I’ll keep my eye on it as I think I may have set the stop loss too tightly and that it will carry on going up in a few hours time. Only time will tell!

What happened next?

NZDJPY

It’s been roughly a day since I opened the above trade. Looks like this trade had  a potential profit of 15 pips.

'One Response to “NZDJPY – Long”'
  1. [...] trade, I decided to go short. Out of the 3 trades I have open right now (EURCAD – long, NZDJPY – long), I think I’m least confident about my decision on this one. Anyway my reasons behind going [...]

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