USDJPY: Trend reversal?
Updated
USDJPY exhibits signs of a large scale trend reversal, to be initially confirmed after August's close, as long as the month ends with USDJPY trading above 102.611 on close.
We shouldn enter longs at market open, as described on the chart, risking a 1/3 of our maximum risk per trade, and adding if we get a dip to support with the same stop loss. This will keep the initial entry risk small.
After we have good progress, we can trail stops and add more to longs on further uptrend continuation setups that we might get along the way as USDJPY moves towards our targets.
Good luck!
Ivan Labrie.
ps: if interested in access to my trading signals service message me for a free trial.
We shouldn enter longs at market open, as described on the chart, risking a 1/3 of our maximum risk per trade, and adding if we get a dip to support with the same stop loss. This will keep the initial entry risk small.
After we have good progress, we can trail stops and add more to longs on further uptrend continuation setups that we might get along the way as USDJPY moves towards our targets.
Good luck!
Ivan Labrie.
ps: if interested in access to my trading signals service message me for a free trial.
Comment
Very good progress here, I'm inclined to move the stop to entry price here, to be conservative. It shouldn't really fall back below monthly support.Trade closed manually
Out for now, we'll reenter if viable.Comment
I got back in 10 pips below my exit.Trade closed manually
I'm out, and flipped short.Comment
I reccomend to short this and EURUSD, or short EURJPY. Use a 3x the daily ATR stop.Comment
Shorts working well, long side was good while it lasted.Trade closed manually
Covered short from 104.186, also covered EURJPY, CADJPY and flipped long USDJPY again.
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