Live Trade Result – EUR/JPY

Filed under: Live Trades |

I had a couple of disappointing trade results for my live trades yesterday – one good one and two bad ones to be precise. The good one came on the XAU/USD (gold) pair, which I briefly ran through yesterday. This eventually hit the target for a 1.3% rise on the bank. However, we have since had a 1% loss on the USD/CHF pair and a 1% loss on the EUR/JPY pair. You can see these results on my published trading account at:

 

http://www.myfxbook.com/members/jjrgaskell/daily-trade/357261

 

To be honest, the trade on the USD/CHF pair may have been a case of overtrading, as I took a pin bar setup on the 4-hour chart that did not have a great deal of confluence, and looking back, it may have been a bit of a gamble. However, the loss on the EUR/JPY pair I felt was a strong setup, and as such, I would like to briefly run through the setup right now.

 

Figure 1.

To begin with, take a look at Figure 1. This is the daily chart for the EUR/JPY pair, and it is the only chart required for this particular setup. What you can see is that price is moving up, with the 8-day exponential moving average crossed above the 21-day exponential moving average. You can also see that price has pulled back to a level of support/resistance, and then formed a nice little pin bar. I put an order in to go long at a 50% retracement of the pin bar, with a stop loss just a few pips below the low of the pin bar, and a target of two times the risk. Unfortunately, this one just did not come off. However, it was a good setup, and in the long run, we should come out on top with these…

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