Trade Entry: Buy 0.05 Lot size of CHFJPY @ 109.178
Entry Comments:
- Market price was down for more than 4 consecutive weeks.
- Stochastic H4/H1/15mins multi timeframe is below 10 level under oversold area.
- Market price stays above 21/34 moving average.
- And price failed to continue to move down and move back above 2&34 moving average and the break the previous Hourly candle High.
Stop: Automatic 1% stop loss or when price move down and break the previous Hourly Low.
Target: When Stochastic H4/H1/15mins multi timeframe reach the overbought area or above 90 level.
Result: Profit 9.89% or 193 pips @ 111.106
Comments: I closed the trade because the target condition was already met and price move had already reached the monthly average range.