USDJPY D1 found support on line chart
This formed the basis for a With the trend WR3B trade, which was created by the D1 bullish engulfing that flushed 3 weeks low.
I have been working on the intention of price reacting towards key level and cluster of consolidated price for the past year. I hope things are bearing fruit now.
My entry has been batched and I hope this is the way towards better balancing between money management and not missing out trades. Sometimes price has closed far beyond the identified level and it may/may not come back to fetch my limit orders.
So one way is to batch them out, eg. can be seen in this trade plan for USDJPY
I have conviction for this long trade, that until price closes below the support zone, price remains bullish
USDJPY Wr3B setup was invalidated by the strong h4 bearish candle. I was stopped out 5 pips away. Unlike gbpjpy which i managed to have a TP, USDJPY did not see the highs and plunged.
Still, I was satisfied with this trade as I stuck to my plan for exit strategy.
In reflection, my hard SL was well placed to signify that my setup was invalidated, while preventing me from furthur losses as well.
No regrets for this trade, at the point of writing.