Potential short @ 123.96, Stop @ 124.68, Target @ 122.10

FX:EURJPY   Euro / Japanese Yen
If sellers push down to 123.96 on EUR/JPY I will likely enter short. This is a basic price action reversal setup. I may change my entry, target, and stop before this trade triggers.
Trade active: This trade triggered.

Stop: 124.64
Entry: 123.96
Target: 122.20
Trade closed manually: Closing this one out with -23 pips @ 124.21

After that big spike up that reached near my stop, it is becoming clear that sellers are struggling to gain control. Also, the EUR/USD trade I mentioned in yesterdays analysis has triggered:


The chart looks great.Have u got these ( set ups on your trading view account to share .Thnx
It was nice.
Aww,it was a good trade Nick,why'd you close it out so early!
forex4noobs Lucid.Trader
When you enter a trade, you set a stop, you do not extend that stop afterwards because you want to stay in. This time it would have lead to a profitable trade... but overall, that kind of thinking leads to massive drawdown.

+2 Reply
Hey guys, thanks for the chart. I don't understand why this should be a valid trade at all, since the RR ration is less than 1:3. That means that if your WL ratio is 50%, you'd actually be losing money in the long run. Personally, I take RR ratio into account in all trades, and track that as a way to check that I am not overzealous, or in love with a setup. It helps me to quantify things and keep the risk versus reward in perspective. Dr Van Tharp has a great video on this:
forex4noobs HermanBrummer
My win rate is higher than 50%, hence my minimum RR of 2. If you take every trade, without discretion, my strategy has a win rate of 60% with a RR of 1, expectancy of +0.19.... I obviously employ discretion, so my win rate is higher than 60%, and my minimum RR is 2. Over the course of 100 trades, my RR averages out to around 2.7
Lorry.NZ forex4noobs
Nice one Nick. I like the simplicity of your strategy. I think I originally found it on Babypips when I started out trading in Oct 2015. I'm still learning. Cheers.
Hi the indecision candle was near area of resistance but was of the same colour as the preceding trend does this matter? Thanks Neal
Hi Nick just wondered could you explain why you took this trade I know there was a indecision candle near the area of resistance but it was of the same color as the preceding trend. Is that requirement not always 100% true?
vjroble ItchyPong
Nick says he doesn't really pay attention to color that much as long as its a viable indecision. I'm sure if that candle closed bearish it would of been a better confirmation but for his trading style i do not think it matters much. Just restating what he said in one of his video webinars before. Hope that helps!
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