Mixed emotions on this one.
We’ve got a couple of yen trades to look at, so I’ll address them both in a single post, save everyone’s time a little. Both are represented in the daily chart below, which shows action in the pair across the last six weeks or so.
First up, a long entry on a bullish pin, which formed on November 11.
A nice quick one this. In at the close on the Friday, with a predefined target of 108 flat. Stop at the pin, as per usual. Price ran up early Monday and took me out for a nice quick profit, circa 135 pips give or take stops, and got me off to a great start for the week.
Fast forward a few days, however, and my luck ran out. I got in a short entry on the bearish pin that formed on the 16th (I am aware that I am very pin-heavy this month) against my bias but in line with the rules of my strategy. Price initially went my way, but then reversed sharply and continued on in line with the wider market trend. No chance of a profit hit, stop taken out within a single session. Loss just shy of 70 pips. Not terrible, but not great to have to give a little over half of my previous yen trade’s taking back within short a short frame.
Anyway, onwards and upwards. Let’s see where things take us this week…