Entries: G/U and E/U Long

I entered E/U at 1.2522 and G/U at 1.4071 for long-term position (could be week or weeks or months but longer than a few days :P). Both E/U and G/U are at the support (previous low), and I thought I take this opportunity. The target are 1.32 (around 700 pips) for E/U and 1.65 (around 2400 pips) for G/U. Both target are near the 38.2 Fibonacci retracement level. The stop loss is 70 pips for E/U. But G/U stop loss is almost 600 pips, meaning that I have to use smaller quantity. Hence the return for G/U will be smaller despite the bigger target. Below are the screenshots. Have a nice day guys!

Trade: Cut Loss EU, Closed GJ 121 Pips (7 Jan)

I enter short EU on 7 January morning Indonesian time at 30 EMA. The pair turned on bullish after going down until 1.3433, about 90 pips from my entry price. My target was 1.3380. I decided to cut loss even my stop loss was not broken yet because of the 5,13,21 EMA crossover and QQE cross 50 level. I exit after the price move closer to my entry point so the loss was not too big, which was 51 pips.


I also entered long on GJ at 30 EMA. Entry point and stop loss shown in the chart below. The uptrend has been going for 4 days actually and a trend change is very possible. However I kept entering because the channel was already broken. In addition, my previous analysis on H4 and daily chart supported my decision. It was a nice trade actually. The pair test the previous high again immediatly. My exit also shown in the chart below.

Bollinger Bands as Target

Taken from John J. Murphy's Technical Analysis To The Financial Market, we can use the Bollinger Bands as target. Moreover, I will test it for the 5-13-21 EMA system that I've been using for the moment.

First of all, the target is the upper band on bullish trend and the lower band on bearish. However, some signal appeared when the price is near the target. So, my idea is to add another band set at deviation 3. And I refer to the 4 hour chart target, not in 1 hour. Here is the sample from yesterday signal:

GBP/JPY 1 Hour Chart

GBP/JPY 4 Hour Chart

On 1 hour chart, target is at 207.33 (which is fine actually ;P) and 206.10 on 4 hour chart, a hundred pips more than the 1 hour target. The problem is that we'll have to wait a bit longer to reach the higher target. Sometime, the price don't reach the target. So, trailing stop might be needed. I haven't met any kind of unusual condition regarding this technique. I never use BBands much before;P I will update any necessary input about this later.

Summarizing the 5-13-21 EMA system, we now have the alert, the entry, the initial stop loss, the position sizing, and I hope we can use the Bollinger Bands for exit. Otherwise I just use 50 pips target. Sorry if I post the system piece by piece because basically I was just thinking out loud:) Just check out 'Moving Averages' under 'Label' option. Have a nice trading week..