Tuesday, December 2, 2014

2 Dec 2014: EURJPY daytrade #2

This was a low-probability, high-reward discretionary trade. 

Price on the EURJPY was running into resistance along 148.000. I saw a weak bearish reaction (small bear candle), followed by a bullish candle which broke the bearish candle's high. To me, it screamed that 148.000 was going to break, so I went long, setting my SL just below the bear candle's low. I originally aimed for a reward of 3R, about 15 pips above 148.000. 

148.000 did break and my call was correct, but price didn't quite reach 3R. I could've profited at 2R. I exited at 0.75R.

(click to enlarge)

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