EJ Analysis 04/10/2020 -- Update

FX:EURJPY   Euro / Japanese Yen
I had already highlighted that for buys to be valid, price needed to break resistance and form a support.

Price did exactly this and as support was formed, I looked for confirmations to enter buys. When the bullish 15m candle broke the high of the previous 15m candle which was our formation of support, I entered the trade.

My stops were below the current 30m candle and I secured profits and left stops at BE when the zone highlighted as a potential barrier for price to break through was tapped.

I left half of my position open and closed 90% of that at the 100 pip mark, with my final runner eventually getting stopped out at 98 pips profit.

This is an example of trailing stop loss, every so often I moved my SL further into profit following market structure.

The risk reward on this trade was 18.36 and price moved beautifully with no bumps along the way.


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