Home > Uncategorized > GBPJPY 5 mins (-19pips)

GBPJPY 5 mins (-19pips)

Incorporation of Pivot Points in this trade:

As Oanda’s Pivot Point is inaccurate (system considers a day from 00:00 EST instead of NY05:00), I took the liberty to extract the daily pivot data from my trade interceptor app (FXCM feed).

Even though price did not rebounce off EMA62 nicely, I still took this trade based on the following reasons:

i) USDJPY 5 mins chart shows a nice rebounce off the EMA 62;

ii) Price reversed at daily PP S1 (now resistance level);

iii) Quiet day, nothing major UK related news coming up.

R:R 1:2, looking to take profit manually anywhere between 25 pips to 35 pips.

Subsequent Update

This sucks. It was going well for a moment and then all hell broke loose. Nevertheless, I didnt time my entry properly. If I timed it correctly just after the previous candle closed, I would have walked away with my target hit in just under 10 mins. (Notice the arrow in the middle of the candle. That’s when I just returned to my screen from my dinner break.)

Oh well, when the ship has sailed, it has sailed.

Lesson learnt.

Holy Shit

What the noggins was I thinkin??

Sloppy stop loss setting! Can’t believe I did not consider the round number setup. I would have walked away with a 40 pips profit!

Just what the $*!@*$#@&$ was I thinking???


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