$100k Challenge - EURJPY Short - E3 T2
Hey everyone!
After some off-the-charts time (had some personal stuff going on), we're back with the challenge!
I decided to take a short trade in EURJPY in a slightly smaller time-frame (H1). In H4 we see a strong supply zone that triggered a strong bearish push a few days ago. In H1 and M30 we have seen some price action confirmation about the markets continuing with a bearish push.
M30:
I consider that if the market does keep the 164.90 area as a resistance, we will eventually visit the next support area in the 163.60 area, where I decided to place the first profit target.
Considering H4 as the bigger picture time-frame, I do think we're due for an extended bearish move, potentially towards the 160.50 zone, where I'd consider taking the second half of the trade out, making this a trade that can last for several weeks.
H4:
Given the recent conflict in the middle-east and considering that the market seems to be seeking safe heavens (which would make the JPY stronger, in this pair, moving the pair downwards), I see an argument for this position working out quite well. Full disclaimer, even after years of trading I'm still getting the hang of fundamentals hahaha.
Anyways, I'm excited to be back at the charts!!
As a side note, I'm also testing day-trading going from H1 to map out trades and executing between M15 and M3. Might consider trading live at some point in the future, so make sure to follow so you don't miss that out!
Until the next trade!:D
After some off-the-charts time (had some personal stuff going on), we're back with the challenge!
I decided to take a short trade in EURJPY in a slightly smaller time-frame (H1). In H4 we see a strong supply zone that triggered a strong bearish push a few days ago. In H1 and M30 we have seen some price action confirmation about the markets continuing with a bearish push.
M30:
I consider that if the market does keep the 164.90 area as a resistance, we will eventually visit the next support area in the 163.60 area, where I decided to place the first profit target.
Considering H4 as the bigger picture time-frame, I do think we're due for an extended bearish move, potentially towards the 160.50 zone, where I'd consider taking the second half of the trade out, making this a trade that can last for several weeks.
H4:
Given the recent conflict in the middle-east and considering that the market seems to be seeking safe heavens (which would make the JPY stronger, in this pair, moving the pair downwards), I see an argument for this position working out quite well. Full disclaimer, even after years of trading I'm still getting the hang of fundamentals hahaha.
Anyways, I'm excited to be back at the charts!!
As a side note, I'm also testing day-trading going from H1 to map out trades and executing between M15 and M3. Might consider trading live at some point in the future, so make sure to follow so you don't miss that out!
Until the next trade!:D
Trade closed: stop reached:
Hey all!
Well, in hindsight, this was a good trade with too tight of a stop loss, haha; we got stopped out just for the market to continue in the direction we were expecting.
Still, I consider this a good trade, as the plan was clear from the beginning! Since we're already in the USDJPY trade idea from earlier today (www.tradingview.com/...-USDJPY-Short-E4-T2/), I consider that retaking this trade to be a revenge approach as we're either way already exposed to the JPY getting stronger.
Lessons learned!:D
Well, in hindsight, this was a good trade with too tight of a stop loss, haha; we got stopped out just for the market to continue in the direction we were expecting.
Still, I consider this a good trade, as the plan was clear from the beginning! Since we're already in the USDJPY trade idea from earlier today (www.tradingview.com/...-USDJPY-Short-E4-T2/), I consider that retaking this trade to be a revenge approach as we're either way already exposed to the JPY getting stronger.
Lessons learned!:D
Next time, I'll set the SL based on previous higher-time-frame areas. We're learning along the way!:D