Go long USDJPY 'A' up setup - Prudence
The market maintains its bias to the long side with a recent strong move and retracement the price action is setting up for a move off the new session’s Daily Pivot Range. There is long term support with the Monthly and Weekly Pivot Ranges.
The Daily Pivot Moving Averages are pointing upward and are bullish. This will give us a good risk to reward ratio trade.
The action to take is to place a buy order to enter the market in the current buy zone. Place the stop loss at the Opening Range low and the profit targets stated below.
Be sure to run a time stop loss as well. If no significant move after an hour or 2 just exit the trade before risking all the way to the stop loss level.
Entry Price: 109.05 or better
Stop Loss: 108.78
Profit Targets: First profit target 109.70. Second profit target 110.32. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 15-20 points behind until second profit target is reached or stopped out.
The Daily Pivot Moving Averages are pointing upward and are bullish. This will give us a good risk to reward ratio trade.
The action to take is to place a buy order to enter the market in the current buy zone. Place the stop loss at the Opening Range low and the profit targets stated below.
Be sure to run a time stop loss as well. If no significant move after an hour or 2 just exit the trade before risking all the way to the stop loss level.
Entry Price: 109.05 or better
Stop Loss: 108.78
Profit Targets: First profit target 109.70. Second profit target 110.32. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 15-20 points behind until second profit target is reached or stopped out.
