Friday, February 13, 2015

Opened - Long NZDJPY

This setup barely satisfied my setup checklist. A significant pinbar formed on the NZDJPY today. NZDJPY fundamentals are bullish, but the technicals aren't perfect. The current trend is down, and there's a strong S/R level at 90.000. I've set my profit target a bit below at 89.500, giving me a reward of 0.75R. It's less than 1R, but a small reward will get me out of this counter-trend trade quickly. Like I said, it's not the best setup, but it satisfied my checklist. Because I'm feeling less confident, I've halved my position size, so if this trade fails, it's no big deal. 

(click to enlarge)

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