WHAT A RIDE!
I knew I was on to something when I first spotted that double-bottom setup on EUR/JPY!
But alas, all good things must come to an end. This trade finally died yesterday!
I actually thought that this pair would continue surging up the charts. Price had me fooled when it finally popped above the 123.00 handle.
I took this as my cue to keep pressing my advantage, so I bought another full position (my fourth) at around 123.27 and moved all my stops to 122.15, only to find out that this was a top and that the pair was headed for a big retracement!
As you can see, it dipped down to as low as 120.15, and so my joyride finally ended at 122.15. Here’s how it all played out:
- First position at 116.20: +595 pips
- Second position at 118.45: +370 pips
- Third position at 122.15: +0 pips
- Fourth position at 123.27: -112 pips
Total pip count: +853 big ones!
Boo yeah! This translates to a 4.12% return on my initial 1% risk capital, making this my trade of the year to date.
As sad as I was to see this trade end, I have to admit I’m quite pleased with how it turned out. I may not have hit my ultimate target at 125.00, but I’m happy with how I was able to press my advantage on this trade.
Also, I’d like to give a quick shout out to all of those who joined me in this crazy trade.
I felt confident all throughout this trade knowing you guys had my back. Thanks fellas!
Hope we catch more winners together in the weeks to come! Peace!
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.