Bought: 158.436
Stop-out: 158.235
Loss: $171.42
Analysis Using Top-Down Approach
Daily Timeframe
USDJPY is in an uptrend. The price is at a very strong key support level and at the trendline.
Update
Price is turning bearish.
4 Hours Timeframe
Price broke structure in the 4 hours timeframe. Potentially bullish – look to enter for a buy.
Update
The previous analysis was wrong. Overall trend in the 4 hrs timeframe is bearish. Should enter for a sell instead of buy.
1 Hour Timeframe
Go down to the smaller timeframe to enter for a buy.
Update
10 Mins Timeframe
Price was in the supply zone, hence have decided to enter for a buy at 158.436.
However, failed to realize that the price has created a lower high. Should have waited and see where the price goes and look for a better entry point. Or not entering for a trade at all.
Update
Price was actually in a downtrend.
Lessons Learnt
Wait patiently! Do not rush to enter for a trade. Do not enter for a trade when there’s no trade, i.e. do not force a trade.