LIVE MARKET: EUR/JPY
30162
post-template-default,single,single-post,postid-30162,single-format-standard,bridge-core-2.5.6,ajax_fade,page_not_loaded,qode-page-loading-effect-enabled,,qode-title-hidden,qode_grid_1300,qode_popup_menu_text_scaledown,vss_responsive_adv,vss_width_600,transparent_content,qode-child-theme-ver-1.0.0,qode-theme-ver-24.1,qode-theme-bridge,disabled_footer_top,wpb-js-composer js-comp-ver-6.4.2,vc_responsive

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.