12 Feb – GBPJPY – Short

FX:GBPJPY   British Pound / Japanese Yen
218 3
GBPJPY has been is strong downtrend since the risk left equity markets in recent weeks. C.O.T reports shows non-commercials getting massively long in JPY futures . The pair corrected nicely from the recent lows. There is a great resistance level at 164.50.This is where we touch 200MA as well.
I’m entering short position based on trend following principle.

Longer stochastic are in oversold zone, but shorter stochs show good levels to enter short positions.
I did not see this trade yesterday.

Date: 02/12/2016
Price: 164.50
Trade: Sell Limit
Lot Size: 0.03
Stop Loss in Pips: 100
Take profit in pips: 200
Risk of Equity: 2%

My Trading Checklist

Is the market risk off or on? SP500 , DAX , NIKKEI. Are the down or up: Risk Off
Is this trade with the trend?: Yes
Did I see it yesterday?: No
Is this a pullback measured by Fibs?: No
Am I buying support?: N/A
Am I selling resistance?: Yes
Is this entered during London’s session?: Yes
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: Yes
Where is the price in terms of Pivots Points?: Resistance
i like your checklist
HumbleTraders rickstolle
Hi. I have coded it into MT4. You can download it for free and use it every time your place the trade. It really filters many bad trades. Go here to download
Please share with other traders in the community. Its a money saver.
rickstolle HumbleTraders
i dont think i can use mt4 with my forex broker but thanks
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