Changing tack a bit here, I’m going to be covering a losing trade here to give you an idea about price action, trade management and what I learned from this trade.
In my weekly trade setups commentary, I covered the USDJPY which had just broken range resistance and the ‘big figure’ at 125, suggesting more bullish price action.
I trade more with trend vs. counter-trend and was definitely bullish on this pair, so looking to get long.
Below is a 1hr chart of the pair right before the breakout.
You can clearly see the uptrend movement starting from the bottom left of the chart, which eventually led to a corrective phase (blue box), or a period of balancing in …... Keep reading