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:

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?

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