08 Dec 10 - Bearish Extreme Harmonic Impulse Wave on USD/JPY - M15 Chart

This is another trade done on Extreme Harmonic Impulse Wave which did not turn out quite well.

In this trade, I have triggered the trade on a more leading time frame which will involve some risk.

In this case,  I had expected the the resistance at 0.786 Fibonacci retracement level to hold but price breached the level at the later part of the day which resulted in a loss.

Trade Details

• Date: 08 Dec 10
• Time: GMT 08:24
• Entry Price: 83.761
• S/L: 84.200 (44 pips)
• T/P: 82.972 (78.9 pips)

Trade Progress

The trade was taken out at a loss for both batches on 08 Dec 10, GMT 13:18. Loss taken for both batches were 44 pips each.

Reflection

I would say that sometimes losses are inevitable when it comes to trading but in this, to prevent this trade from  resulting in a loss, I could have waited for a confirmation on the H1 chart before entering on this trade. It would have been laggy as compared to the M15 chart and some "premiums" would have to be paid for a safer trade entry on the H1 chart though but it is definitely safer and the signal generated would have been more accurate.