Hourly GBP/JPY chart
You know, I have been waiting for this trade for at least the past 8 hours. And the most sickening thing which could ever happen would be I dozed off in the morning at 7.30am after waking up and woke up at 10 to realise that I had missed some big moves.
Casting that aside and to not affect me emotionally, I have now placed a buy order of 0.42 lots at 227.10, with a s/l at 226.50 and a t/p objective at 228.10, a 100 pip profit.The maximum loss for this trade would be $22.93, exceeding my maximum trade risk by 0.8%, bringing the total risk for this trade to 4.8%. However this risk is worth taking due to high potential in this trade due to past GBP/JPY movements of at least 200 pips in each movement. A trailing stop of 10 pips would be set after a 50 pip profit.
Maximum R/R of this trade would be 1:1.67.
*While typing this post, the price hit my buy limit.
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