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Thursday, March 26, 2015

EURJPY - Tagged Out Before the Move

D retraced to previous Jan support in 2L. Mkt showed tapering and alternation.
240 shows the detail of L2 as a move with distribution at the top.
60 shows two sets of selling at the top.  My entry was attempted after supp was tested (No D) and then a 50% pb to underside of MAs.
5 showed a 2L pb and then No D.  My entry was taken at 56, but I should've been in 4 bars earlier at about 64.


I was stopped out for -1R right at the top of a violent test up as shown on the 5.  The mkt eventually broke down and is at 4R as shown on the 60.


A trade like this should be given room. It seems foolish to exit at -20 and miss the re-entry when the 1st LH has such huge potential. EJ is uncatchable for an alternate entry (at +6R now). As far as a confluence of factors in favor they don't get much better than this - agreement in all TFs and the large move I was playing for.

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