Prior to this trade things were grim. I'd taken several hits shorting NZDJPY and AUDJPY, all of which hit T1 before failing. I didn't feel I'd done much wrong, but it had been months since my last full winner, and it would have been easy to lose discipline under such circumstance, which is why I'm so proud of the trade. I stayed calm, stuck to the plan, worked on my discipline, and let a lot of marginal trades go by.
Most pleasing was that when D eventually hit it was just out of my entry times, yet I resisted the temptation to enter and waited another 10 hours until the Asian open, where I actually got a 10 pip better fill. The positive reinforcement from this decision was huge, and I have subsequently felt less anxiety about the entry time rule (see GBPUSD post below).
The trade itself went perfectly to plan, diving shortly after entry and allowing profit to be taken at +40 and +80 pips. The remaining 1/3rd of the position was allowed to run, and proved more troublesome, bound within a range for 3 weeks, threatening to break but never quite. To be honest it stressed me out as at the time I was looking down the barrel of my account moving back to near break even. Although I was guaranteed +9bps, the thought of taking such a small gain from a very good entry was difficult. But again, my discipline held strong and I allowed the trade to play out.
Eventually, I closed the runner at the bottom of the range due to the presence of a bullish h4 bat with IQM, and the fact that I had just initiated a GBPUSD long (next post), and had enough long GBP exposure. Should price continue lower I will still be happy with my decision, as I made a more from the GBPUSD long than I would from holding this small short.
