AUD / JPY

Made 2 trades on Friday on AUD / JPY, the first trade was stopped out with a loss of 43 pips whilist the second trade made 62 pips.

I got into the first trade a bit early and the position moved in the opposite direction fairly quickly triggering my stop loss. After my position was closed out I sat on the sidelines waiting for price confirmation to re-enter the trade going short again. A couple of hours later on the hourly chart a double top high lower close formed , on a tested key fib level. As a result i re-entered short my analysis proved to be correct and was able to real in 62 pips. I thought id better exit the position at the tested support and daily pivot, waiting for the line to be breached. As a result the support was breached and i was not at my computer to enter the trade.

After reviewing my trade i realised i had forgot to plot the daily pivot on the chart. When i did this it turned out that the pivot was acting as a key level of support and therefore my intial short entry was too premature ( as it was boucing off a key level of support and not going to conitune south straight away) . I later acknowledged this level and exited once the trade boucned hit this support again.