AUDJPY Long Trade 12 May 2021 -1.0R Loss

TRADE REASONS:

AUDJPY chart analysis showed the following when the trade was considered on 12 May 2021.

Daily chart: 10-day MA was angling up.

4-hr chart: Tested support after stochastic %K reached oversold level.

See AUDJPY daily and 4-hr charts below.

AUDJPY Daily and 4-hr charts

ENTRY:

Entered long at 84.80 on 12 May 2021 16.41hr when support zone was being tested  after stochastic %K reached oversold level. Stop was placed at 84.50 based on 30 pips 1xATR. Take profit was placed at 85.70 at the opposing resistance zone.

EXIT:

Stop was hit at 84.50 on 13 May 2021 15.58hr for a -1.0R loss.

LESSON LEARNT:

AUDJPY did move up by 1R but I did not move my stop to breakeven!

Disclaimer: 

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.