EURJPY Entry and Trade Management (114 pips)

Each week I send my weekly watchlist to my community. This is EURJPY from March 29, 2020 watchlist. Although I use multiple entries I will only be showing how new traders on my team following the rules of my book should take a single entry and how the trade should be managed.

The Setup

Below is the setup that was sent to the team. Please follow along to see how the trade was taken and how it was managed.

So we were looking for Strong Break of the High (above green line) or a Strong Break below (green line below).

The Entry

So price started making Lower Highs and bouncing off support which forms a nice formed triangle. Also, to note that even before the sell stop was triggered I started adjusting my stop-loss with each Lower High formed (LH to LH2 to LH3 and now LH4). We got the break of the low and price created LL and triggered our sell-stop.

Move 1

We see clean waves on EURJPY and we are now onto our 4th Stoploss which is right about break even. It’s now all about drawing correct trendlines and moving stop-loss to the next lower high. Also, look at the wave and also the labeling of the Lower Highs and Lower Lows.

Stopped out 114 pips Profit

So we are down to the 5th stop-loss and that’s where we get stopped out at around 114 pips. This trade management was very straightforward as you can see with trendlines and Lower Highs and Lower Lows.