One my first trades in a while - trying to get back into the forex style, especially with a pair I used to have alot of success with - the Euro Yen. This pair is relatively smooth and trends well, and I find it is a good instrument to learn Fibonacci and chart patters with.
Well, this was the classic, "hit my stop and then go in the right direction" type of trade. Literally, the stop was the high price, and then it proceeded to my target. I saw a top forming on the pair on the 4 hour chart as well as the hourly chart, and based my entry upon the hourly chart.
The vigorous uptrend was in the need of a pullback, albeit a shallow one, as this pair is in a general uptrend and I didn't want to go against the current too much.
The risk reward was about 2:1 - I did consider using the last swing high as the stop, but instead used the R3 point as the stop. Just one pip more would have kept the stop from hitting, but I guess it wasn't meant to be.
PAIR: EURJPY
TRADE: SELL
ENTRY: 158.44
TARGET: 158.10
STOP: 158.61
RESULT: STOPPED WITH -17 PIP LOSS
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