Since the beginning of Feb, this USDJPY pair has been good to me. 1. Started off with a bullish butterfly 2. A good short on the Shark I believe that this pair has completed the down move, and is now ready for the next up move. (See past related ideas)
The Shark Pattern has just completed at the 112.00 level. The other reasons for me to take this long are : - A small double bottom on the H1 at the Shark Pattern PRZ - Bullish divergence on the H1 RSI, RSI bounced off the OS zone - Candles stabalised in the PRZ and has now started to tick up
Although a little late, I believe that the risk reward is good. EP = 112.33 SL = 112.83 (50 pips) TP = 113.68 (138 pips) at the resistance
Trade ist aktiv
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Woke up this morning with a floating profits of close to +50pips, but now at the point of writing it is only about +20pips.
My entry to go long was triggered when it broke above the resistance TL. I have shared many times in my classes that a natural phenomenon in the Forex market is that resistance levels will naturally turn into profits (& vice versa). Pric did indeed came back to test the TL for another opportunity to go long. See chart below.
Now I have added the Bollinger Band indicator to have a feel of the pair. As long as price stays in the upper band, I will continue to be bullish. If it crosses and closes in the lower band, I could be looking to exit this trade.
Indicators are our friends to help us trade. Heed what they hint.
Kommentar
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@khaled75, @marcus1983, @ammar_meza, Thanks for pointing out this, my SL is at 111.83. Typo....
I see a 2618 setup. Double bottom, price breaks above the neck line, does a retracement of a 61.8% for another buy trigger. Hoping these set of buyers will eventually push price higher.
Price is now below the BBand, giving it a more bearish tone. I am still staying with this trade.
Trade geschlossen: Stop wurde erreicht
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Trade closed with a 50pips loss. Lesson learnt, I was in denial and hoping for a rebound off 112.00. The bearish signs were there since 112.40
Kommentar
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Bitter Sweet taste. USDJPY is by far my favourite pair so far this year. My views were correct but got stopped out first before the move started.
Lessons learn: - Stops should be at the right place, don't be stingy by trying to place a smaller stops. The market will kick you out of the trade before it moves. - Check out the Nikkei225 index, it has a high correlation with USDJPY
Thanks boonhooi but by aview point..fo yoi think will break resistance..113.69
musiq787
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This was a complicated trade. When in profit, please reduce your risk, adjust the SL to 0. Thank you for sharing this.
marcus1983
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Hi boon hooi, based on bolinger band which you mentioned, you mean you look to exit trade, if price fall below support and resistance lines on bolinger band?
BoonHooi
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@marcus1983, prices below in the lower part of the band just give a more bearish bias. It is to give us indication that this trade could be wrong. However, I am still in this trade. See my updates above