EURJPY - Two BUY STOP trade examples this week
Hourly Chart
Its been a long time since I wrote a post on trade examples. So what I have here is a breakout trades. The good thing about these are the probability is higher than having a limit order which could seem to be picking tops and bottoms sometimes.
First trade (55pips profit)
- Prices bounced off support however limited by the previous minor broken support which became resistance. (note tested two times, ,but second time it was a light retrace to other downside before trying a third time, so thats when i know if it breaks a new high, then it should go further to last weeks highs.
- therefore i placed a buy stop order
Second Trade
- First two days of the trend this week is bullish, so looking at a good fib retrace level which also is a top bottom level,
- I saw the price reaction and could see the potential for price to go up to yesterdays low which is a minor resistance, but instead of buying at market, and placing stop loss at todays low, the probability of placing a buy stop order and going in my favour is more in the odds.
Just a quick summary of how and why i took these trades, If you don't understand please ask, as my explanation in words is not that great! :D
