Below Pivot Go Short a Break Below

FX:USDJPY   U.S. Dollar / Japanese Yen
Action to Take: Go Short, enter sell at 11255 stop
Take Profit Level: TP1 11231, TP2 111736 Stop Loss Level: 112693
Additional Factors:
Timeframe: ~ 24 hours
Total Risk of Account Equity: 2% or less
Comment: First profit target reached. Move stop loss on remaining contracts to 112307
Trade closed manually: Exit due to hammer on hourly
Comment: Also key support on the handle price of 112 - the bounce that formed the hammer is clear indication it doesn't want to break through any time soon.
Good call Chris. If only I would have not been long biased. At this point I was still of the opinion that it was staying above the previous trend and going to move up soon.....didn't happen. Oh, well. That'll teach me to follow my rules. Price does what price wants, not what I want. Trade with the Price or Pay the Price. That's kinda catchy...Cheers Mate.
chris333 WLGoodman
@WLGoodman, Hi, thanks for your comment. I had not seen it until now. Best to you!
Hi Chris I find that when price opens above the pivot we tend to see a movement that is opposite to the pivot - have you noticed this before. Kate
@kate25, Though I have not done analysis on this it seems that for a period of time (2-3 hours) this does occur often.
kate25 chris333
@chris333, these are 8 hr pivots it does not happen often
@kate25, Thanks Kate that is good info. Given that 'often' is a relative term I would estimate that what you show in your graph is what I had in mind. I wonder how it would look over a 3 month period.
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