Tuesday, December 2, 2014

2 Dec 2014: EURJPY daytrade #1

Saw some bullish price action off a short-term support level on the EURJPY 5M chart.

I went long after seeing a wick form off support, and the next candle being extremely bullish (no wicks, especially on the bottom). Rather than wait for the bullish candle to close before entering, I entered the bullish candle about 3 minutes in, mainly because it had no wick on the bottom and it had just broke the previous bearish candle's high.

I was hoping 148.000 would break, and aimed for 3R reward, but prematurely took profit at 1R. As you can see, price didn't reach 3R, but I could've made 2R if I held on. I exited at 1R since it was running into the top of the range and seemed to have trouble breaking the previous swing high (the swing high broke in the next candle).

(click to enlarge)

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