12 Apr LIVE MARKET: GBPJPY
Trade Plan: Short Trade: Using my 4HR Anchor Chart I could price was trying to break a big support level 151.500. Price had run a marathon to the long-side, so I was expecting price to make a correction wave back into the EMA’S. At 08:50 GMT I had multiple time frame conformation with fresh momentum, so I entered the trade.
Price Entry: 151.470
Price Stop: 151.613
Profit Target: 151.226
Risk to Reward: 1.78
Using my Pip Calculator to only risk 0.5% of my account with a 14 pip stop loss I had an execution lot size of 2.8. The trade ran from 08:50 GMT to 09:26 GMT hitting my profit target giving me a total +25 pips.
After the trade hit my profit target 151.226 it then pulled back into the 151.470 using it as resistance. I was very pleased with the outcome of the trade as my profit targets and levels of support and resistance are becoming more accurate.