14 Mar LIVE MARKET: EUR/JPY
Trade plan: Short trade: Using my 4 Hour anchor chart I could price had hit the 200 EMA (132.380).
Price began to bounce and show signs of a move back into the EMA’S. During the London open price began to fall with a momentum push, I missed the start of the move so decided to enter on the pull back. USD hade a red warning on news from 12:15 GMT to 12:45 GMT so I waited until it was clear to enter.
At 13:36 GMT price broken the 131.70 support with multiple time frame conformation, so I entered the trade.
Price Entry: 131.650
Price Stop: 131.800
Profit Target: 131:45
Risk to reward: 1.4
Using the pip calculator to only risk 0.5% of my account I had an execution lot size of 2.7 with a 14 pip stop loss. The trade ran from 13:37 GMT to 14:20 GMT hitting my target giving me +20 pips. I was very happy with the trade as it came straight into my trend which was also aligned with the 50 EMA on the 4HR time frame.