130 pips on EURJPY!
I had opened a long trade on EURJPY a few days back after seeing some support around the 12700 mark. My entry was perhaps a bit premature as I hadn’t waited for a confirmation of the support line. However, on the second day, the price actually moved down to support again and tested it (at this point, my drawdown was around 100 pips). This would have been the better place to have gone long but looking at the chart, I would have probably entered at exactly the same price.
Anyway, the following day, the price did start moving upwards and hit a high around 12850 or so before ending the day where it started. The price action showed some resistance ahead and at the end of Wednesday and looking at the Daily chart, it didn’t look good and I wasn’t even sure if we were going to go up any more.
However, at the back of my mind, I know my long term success in trading needs me to be able to hold my trades in accordance to my plan. My plan initially was to take profit when the price went to the big round number at 130000
Today, not much happened initially and then at some point in the day, the market spiked up. It was actually by chance I saw this and I had seen that the market had reached around 130000 and was now making it’s way down again. I promptly closed at 12960 and got 130 pips!
