Saturday, 7 December 2013

USD/JPY 6hr update

The bearish engulfing bar that formed on the usd/jpy 6hr charts was counter trend, going against the current momentum. However the size of the price action indicated to me that it had a good chance of pushing lower.
This is exactly what happened, I used the first trouble are to protect myself and amended my stop loss using my own stop loss buffer technique, the trade reverse and did  manage to push slightly higher than my stop loss and so took me out of the trade for a break even trade.
Although you can see price has pushed on lower again, I am happy to take this result. To ignore these fta's is too risky for my style of trading and fta's have protected me from trades that would in turn become losing trades.
breakeven beaish engulfing bar price action

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