This was very unfortunate as i was wicked out by just 1 pip only to see the market play out in my direction.
Reasons for entry were:
-Uptrend
Price was holding structure support well on 1h with 4H failing to close below.
- 38.2 fib lining up nicely with my support
-Double bottom
-Risk on so AUD strong and JPY weak
Lessons Learned: Stop over complicating everything and stick to structure as i closed out a -1% AJ loss before this so right now i would be up around 11% over both positions and would be up for the week instead of down -8%. In terms of SL placement it was fine as it was just under support and my fib level, I maybe could have placed it a pip or 2 lower to line up with the previous 2 4H wicks.
Reasons for entry were:
-Uptrend
Price was holding structure support well on 1h with 4H failing to close below.
- 38.2 fib lining up nicely with my support
-Double bottom
-Risk on so AUD strong and JPY weak
Lessons Learned: Stop over complicating everything and stick to structure as i closed out a -1% AJ loss before this so right now i would be up around 11% over both positions and would be up for the week instead of down -8%. In terms of SL placement it was fine as it was just under support and my fib level, I maybe could have placed it a pip or 2 lower to line up with the previous 2 4H wicks.