Live Trade – AUD/JPY

Filed under: Live Trades |

 

I currently have a live trade on the AUD/JPY forex currency pair, which is the pair for the Australian dollar and the Japanese yen. If you take a look at Figure 1, you will see the setup for this trade and how it is progressing.

 

Figure 1.

Figure 1.

I took this trade on Thursday night last week at the close of the highlighted bearish pin bar. This bearish pin bar came in a strong bear trend, and it was a good opportunity to hop on to this trend and ride the wave – so to speak. I thus put an order in to go short at a 50% retracement of the pin bar, with a stop loss placed just a few pips above the high of the pin bar, and a target set of six times the risk (although I will manage the trade based upon how this progresses).

 

I have now moved my stop to breakeven as the trade moved to over two times the risk in profit. However, it has opened a little higher at the open to the new week (please disregard the short Sunday candle with this GKFX broker), and we will have to now watch to see which way this moves this week.

 

I would still be very bearish with this pair at present, and I am happy to be in a risk-free short trade. This is always a nice position to be in. But it is important not to move stops up too soon, and this would be my only concerned with this – that I have moved my stop up too quickly and not given the market room to ‘breathe’. However, sometimes it is more important to protect capital, and this is what I am trying to do here. Well, that’s it for today – more tomorrow…

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