wuweitrader
Long

Simple, perhaps straight-forward, trade setup

FX:USDJPY   U.S. Dollar/Japanese Yen
44 7 0
The fork has been tested (and re-tested on a lower time-frame). I am looking to get long at the lower median line parallel with a stop below the test and a price target of the median line . It has quite a nice risk/reward.
Analysious
2 years ago
Could you please explain your SL and TP... thanks
Reply
wuweitrader Analysious
2 years ago
Sure. My stop loss is just below the previous bar that poked through the lower median line parallel. My actual stop-loss is at 101.65. My profit target is the median line. So draw a line straight up until it hits the middle line and that is my profit target. As time passes I will raise my target as it slopes upward.

Hope this helps.
Reply
Analysious wuweitrader
2 years ago
Thanks Buddy...
Reply
wuweitrader Analysious
2 years ago
No problem. The stop-placement must always be below some sort of structure or swing. I place mine below the low of the poke, which though not as good as being below the c-pivot (or a-pivot) was, for the type of trade, I felt good enough.

There are times that you say "How in the world did that happen?" According to my dealer, I missed getting stopped out by 1/2 a pip! So placing it correctly makes all the difference (in truth I might have still been 1-2 pips too close to the action).
Reply
wuweitrader
2 years ago
stopped out.

Post trade analysis:
With the spike (two spikes) higher and close towards the lower end, I should have moved my stop to breakeven. Although structure was not broken (we didn't close below the lower median line parallel), volatility and slop was picking up. I.e., it was starting to get a bit too messy for this 'nice simple trade'.
Reply
Analysious wuweitrader
2 years ago
I managed moved my stop to breakeven.
Reply
wuweitrader Analysious
2 years ago
excellent, glad it worked out
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out