Paper trade: EUR/JPY long 100% @ 129.99, stop 128.80

I placed this EUR/JPY long order a couple of days ago. It just got triggered overnight in the Pacific market hours. See Figure 1 for my entry chart. Note the following reasons for long EUR/JPY:

1. Support trendline coincide with round number 130.00
2. RSI in oversold territory and moved up
3. EUR/JPY in a trading range with the MA’s oscillating since April

EUR/JPY was testing 131.00 when I placed this order and I didn’t think it would get triggered. I placed a full 100% position in this but 1/2 of my position has a trailing stop of 50 pips and it got run down within a few hours of entry. That 1/2 was out at 129.666 for a loss of 3.33 pips. I’m only left with a 1/2 position in this at the moment.

In hindsight, that trailing stop was too close as the 3-hour ATR is 25-30 pips.

Entry: 129.99, round number support

Stop: 128.80, see Figure 2, just below recent low and support line

Target: 134.00, see Figures 1 and 2. At the bottom range of a congestion zone.

Reward / Risk = 401 / 119 = 3.4 > 3.

EUR/JPY

EUR/JPY, 3-hour

Related posts:

1. Paper trade: 50% long GBP/JPY in @ 142.861, stop 141.16
2. Paper Trade: Long GBPJPY @ 144.24, Stop 143.60, Target 148
3. Paper trade: Long USD/CHF @ 1.03498, Stop 1.03240
4. Paper trade: Long CADJPY @ 86.88, Stop 86.10, Target 88.0
5. Paper trade: Long USD/CAD 25% @ 1.02988, stop 1.02080