#10WTC Week 5 Journal Entry: Closed Trade Recap from Week 3 (EUR/JPY)
February 20, 2019
This is one of two trades that prompted me to create a topic on setting timeframes when creating a trade plan.
Lately, I’ve been finding it difficult to adjust open trades or just adapt to the situation on the fly. I’ve been creating trade plans for A or B but not for C, when it’s in purgatory. Because of trades like this one, I’ve been pretty reluctant to open new ones.
Trade #10: Short EUR/JPY aka How Long Do I Really Have to Keep Watching This Trade
I can’t decide whether I’m more of a “long-term” trader just yet but so far, this has been my longest held trade at 8 days. You might think that’s short but boy was I getting antsy.
(Added info that is a bit unnecessary: I opened this trade on Week 3 and closed it on Week 4)
Here’s how the setup looked:
I went short after spotting a short term downtrend and also clear S&R areas. Plus it was below its 50 and 200 SMAs. The yellow arrow is the day I entered and the orange line is the price I got in (124.974, market order).
The solid green line was my original TP and as you can see I created 2 more dotted lines in attempts to make that TP even lower and lower because this pair was just straight choppy.
The yellow plus sign is where I got out. I made a whopping $0.14 out of this trade or 16 pips. Are you jealous of my trading prowess yet lol.
I could have waited one more day sure but how would I have known? I would have hit my SL had I held on to it longer.
Then again, I guess I could have gotten out sooner too.
Shoulda woulda coulda.
Overall, I suppose I’m happy I got out of this ridiculous trade unscathed. I’m not really sure what else I could have done.
If you spot any errors I made for this trade, feel free to point it out. Or maybe something I could have done instead? Either way, if you have tips for this type of situation, I’ll be happy to read it!