BUY AUDJPY: SYMMETRY TRIANGLE ENVELOPED IN A DEMAND CHANNEL

As much it tempts me to regard this as a nice setup, having to risk as much as 50 pips forces me to reserve that word for a more suitable setup.

Demand channel is from 4-Hour time frame, while a symmetry channel is from 1-Hour time frame. Also, bullish divergence formed on 1-Hour time frame (note line on Stochastic).

I went long after price formed "Morning Star" on the support side of the symmetry triangle at 85.79, Stop Loss at 85.32 (48 pips -- below the support side of the channel), and Target at 87.19 (138 pips -- at the resistant side of the channel).

Executing a position with risk as high as 50 pips is never a norm for me and totally went against my Trading Plan. I initially set a Buy Limit (as I normally would act in similar occasion), but I had an impulsive urge that price would soon begin rallying and I would miss out like in "BUY USDCAD: FIBONACCI RETRACEMENT-RETRACEMENT CLUSTER ", so I yielded. I deleted the pending order and  triggered an instant execution.

The setup was a nice one but I failed in following my Entry Plan. I wait for the outcome of this and pray for a little bit of luck.

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About Moshow

Oseni Moshood ( Moshow) is a physicist, a blogger and a spot trader with years of experience. He trades only price actions partly because he thinks Economics is boring; or, probably because he failed Economics; and he loves fine artistic works.