When 81.05 broke, I caught myself praying, and realised it was time to jump. It's disappointing as I was +50 bps at the peak, but I'm happy with how ruthlessly I cut the position. Despite the small loss, I consider this a good trade. Analysis was thorough, execution patient, and the exit objective.
I used an m5 bat/iqm combination to enter into the H4 pattern(s) identified in last week's post. 81.25 turned out to be a good level, and we moved to the first target of +50 pips without any draw down (chart below). From here it was all downhill, with lack of further easing from the BOJ starting the rout. I was not surprised to see price take out the previous day's low (down to 81.05), and in fact thought this was probably a fake-out, but once this level was breached on the NY open I felt the game was over, and closed out early at 81.00.
