Home > Uncategorized > AUDJPY the sequel – 15 mins (+28 pips)

AUDJPY the sequel – 15 mins (+28 pips)

Here goes AUDJPY again. USDJPY is currently @ weekly support of about 82.35 region. Probably will bolster a the rebounce of the AUDJPY.

Here’s how it looks:

Entry signals for 15 mins chart is simple. Just enter @ the EMA and set trail stop of 25 pips. Target’s previous swing high, 88.40! That’s like a whooping 60 pips away. Making the potential R:R for this trade 1: 2++! Will the market garner enough momentum to retest the high again? We’ll see. In any case, I have my trail stop in place. 🙂

Subsequent Update

Well I manually closed out for 28 pips gain.

Why? I guess I’m gonna give myself excuses again. But couple of reasons come to mind.

1) Its been a pretty tough week, so it certainly helps that I close a good trade that brings me 1 step closer to my weekly target;

2) AUDUSD seems to be topping @ 1.0670 – 1.0680-ish.. USDJPY 5 mins is trading below the SMA200. Seems to me that it might cap the upside gain. ON the other hand if I took the AUDUSD 5 mins signal, I would have made a perfect trade, target @ swing high:

AUDUSD 5 mins trade signal (Not taken but 35 pips potential)

Textbook EMA 62 trade (If taken)

Anyways the trade I took was a win which was slightly above 1:1 (R:R), but actually at that point in time my trail stop had already locked in a couple of pips. So actually R:R is more than 1:1 if you factor in the time variable (Market exposure risk).

Just like a fund manager, I need to manage my P&L first. After all this is my pilot month.

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