TRADE, USDJPY, 26.9.2016

TRADE SUMMARY: I have had a strong conviction for this trade. I liked the setup, the zone and rising trendline. When zone came into play, I have entered the trade on 1PB retrace (1st probe back) on the H1 TF. Market then moved into sideways for several days, when I have patiently waited. The market after two days moved my direction, reaching as far as 3.3R. Then droped lower. Since the D1 resistance was strong and I was aiming for 5R – 6R, I have reconsidered the target based on the new circumstances and setup a new TP at around +3R. It has reached that target on the overnight news from Japan.

UPDATE: with conviction high, maybe I should have hold longer for my initial target. See image below. Market reached that.

Good:

• Great trade management
• Patience
• Readjusting of the target based on new development

Bad:

• None

To Improve:

• focus on similar type of trades – either death obvious or in higher confluence

Result:

+3R

SCREENS:

D1

H1

LATER