EUR/JPY: Entry Price - Long @ 116.63 - Profit Booked 198 Pips

EUR/JPY: Entry Price - Long @ 116.63 - Profit Booked 198 Pips

Yesterday I recommended a long on the EUR/JPY pair due to it's consolidation activity near the recent lowest low of 113 area. I tend to look for area instead of hard lines since the market never does exactly what you may think it will. Since I'm a position type of trader I'm more concerned with price ranges rather than candle tips and wicks.

My long trade entry 116.63 buy yielded 200Pips profit. It topped out at +300Pips (119.45 area) but I locked in a profit stop at 118.46 - Yes I could have taken more profit by closing at a higher price but... I'm ok with 200, I prefer to let a trade ride out a few waves and the best way to do that is to lock in my stop above my entry line. That way if price moves against me I not risking anything.

I will now look for another entry point below this price and maybe if the pair continues to move down at a much better price. I'm not looking to Short this pair as there is far to little reward for any further downward movement.

Remember Patience Is Key! I prefer to wait for a price to reveal an opportunity to me rather than chasing one!