Long NZDJPY

NZDJPY has confirmed its bullish sequence with a new high, i am always looking to buy pullbacks against a trend and this pair has just pulled back a reasonable amount. I have entered the trade according to the prices on the chart risking 2% at 2.5:1.
The yen pairs follow the indices quite closely and with Nasdaq making a new high today this trade has a reasonable chance of success. I have put an EW count on, i am not sure how good the count is but it allows me to understand the structure of what is going one, i gave up trying t work out why price is going the way it is a long time ago, my view is now quite simple "this pair is in an upward trend so i want to buy it". Luckily i bought it just after swap time and saved a few dollars

Trade active:

The move lower form my purple 1 has been quite impulsive and looks to be in 5 waves, that means it cannot be a wave 2 and I must adjust my EW Count. I will adjust the count to show a flat correction (a-b-c) from the high on the 6th of june this suggests that the current move is wave c of that flat. Unfortunately, that puts this trade in danger of being stopped out, flat corrections are hard to predict they often extend lower than a reasonable stop loss would allow. The trade is currently underwater and its probability of success has reduced however I will stick with the plan and let it run to conclusion. It is just part of trading if i lose it will cost me 2% of equity careful risk management means a losing trade has little impact on my trading equity.

Trade closed: stop reached:

closed for aloos of 2%