Background: - Reenter short after my #CADJPY short - 19 October 2016 was stopped out by 1 pip at 79.41 - Daily reversal candle off daily resistance with bearish divergence - The Candle close below the reversal candle low after the rate announcement showed bear is in play
Entry: - Enter market @ 78.756 since market has run quite abit
SL: - Set at 79.30, above the round number of 79 with some breather space
TP: - All the way to TP2 (from the previous # CADJPY short)
Alert: - Seems like a valid trade but entry not that awesome, quite expensive
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Update - 21 October 2016: - Day candle closed at a lower low, a good sign, hopefully will continue south - Potential risk with multiple JPY and CAD news coming up - To hold on the trade
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Update - 23 October 2016 - Strong bearish candle close below previous candle low - To hold on the trade, hopefully will hit my TP
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Update 25 October 2016 - Yesterday session closed a bullish candle forming an inside candle, erm... quite disturbing - Might consider to move SL to breakeven - In this point of time, my trade still valid thus hold on to current trade without any adjustment.
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Update - 26 October 2016 - Like my ongoing #CADJPY short - 20 October 2016 trade, yesterday bearish reversal candle close lower >50% of 25 October bullish candle - 2nd inside candle formed, accumulating bearish power to south? lets hope so.... - To hold on the trade, hopefully will hit my TP within this week
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Correction: - Like my ongoing #CADCHF short - 20 October 2016 trade
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Update - 27 October 2016: - Yesterday candle closed a doji, and continue as a inside candle within the 21 October 2016 candle - Unlike my ongoing #CADCHF short - 20 October 2016 trade, this CAD trade does not as promising. - Noted it might be general weakness in JPY, with other JPY denominated pair in bullish mode. - Lets hold on with the trade and see how today plays out. Might consider some trade adjustments~~ :(
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Update - 28 October 2016 - Ouch!! this is so painful to watch, price ding dong and close a bullish candle and continue the inside candle formation since 22 October 2016 - To add salt to injury, this trade already incurred me 10 pips of carry interest expenses - It seems to be forming a head and shoulder pattern with the right shoulder in the making (left shoulder is candle from 7 October to 13 October) - so should i quit this trade with nearly breakeven result??? - OK!! lets bet on this trade, risking 55 pips to make 170 pips!!! FINGER CROSSED!!! (*.*)
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Update - 29 October 2016 - The last trading day of the week closed a bearish reversal candle by faking out the break out of the Inside candle formation high. Phew.... good that i hold on to this! - Also the bearish reversal candle could also proves a bearish action after retesting the channel support - To hold on to this and hopefully it will hit my TP within next week!! ;)
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Update - 1 November 2016 - Yesterday session closed a bullish candle, closing the gap and continued an inside candle within the 28 October 2016 candle - Technically, this pair has been undecided for 6 trading days with slight bearishness (thanks to the 28 October 2016 bearish fake breakout of inside candle formation) - Fundamentally, the impending release of JPY rate statement would mess up the chart - As such, to keep my profit and remove risk, i closed the trade prematurely before the rate release with 61 pips gain @ 78.14.
^ Will update again tomorrow to see how this trade would go after the rate release
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Learning points: 1.) Should not have exit the trade as it does not meet early exit requirement: - Gap not closed - Risk and reward is more than 2 - only got 1 unfavorable candle - Not counter trend trade
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