I took 2 trades this week. Let’s have a look at them:

1)  29th March: Short EUR/JPY at 124.55

I was looking at the daily charts on this one. Here’s my analysis – downtrend on EUR/JPY. That tells me I will be going short. Price then went into a nice channel, with support around 120.51 and Resistance around 124.91.

Went in for a short near the upper border of the Resistance (entry at 124.55). I placed a Stop of 125.54 above the Resistance.

On hindsight, I was a little impatient with this trade. Should have waited for the price to TURN DOWN after hitting Resistance;  with a confirmation on either the Stochastics or RSI TURNING DOWN from overbought levels. Haiz!

Result: 99 pips loss. Here’s the chart:

(Click to enlarge)

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