FX00087 - USDJPY - D1 - Sell at EMA50
Price appears to be selling off nicely on touches of the EMA50. So I'm placing a SELL order at 110.00 (VBRN). SL: 110.85 which has previously acted as support. I think that this SL is very generous, Actually 110.50 should be OK but I don't want to get stopped out.
TP above previous lows @ 106.5.
TP above previous lows @ 106.5.
Trade closed: stop reached:
Entered this trade too early. It was a further 9 days before this pullback completed and the bears were off again.
Could have set the SL behind the previous High to avoid getting stopped out. However, more importantly, waiting for a touch of the 50EMA on it's own wasn't a good enough signal and I should have waited for confluence. In this case either closing above the upper BB or a touch of previous S/R line would have yielded better results and a tighter SL, thereby providing a better R/R.
Could have set the SL behind the previous High to avoid getting stopped out. However, more importantly, waiting for a touch of the 50EMA on it's own wasn't a good enough signal and I should have waited for confluence. In this case either closing above the upper BB or a touch of previous S/R line would have yielded better results and a tighter SL, thereby providing a better R/R.
