Long USDJPY
Entry: 111.285
SL: 111
TP: 112.5
Long position was kicked in as market pulled back towards ascending channel support. This also corresponds with a strong supply/demand level.
Market also testing EMA (120) where price reacted above before. This can also be seen on RSI (34). I have pointed it out using the purple arrows. RSI (34) also coming to test ascending trendline support.
Entry: 111.285
SL: 111
TP: 112.5
Long position was kicked in as market pulled back towards ascending channel support. This also corresponds with a strong supply/demand level.
Market also testing EMA (120) where price reacted above before. This can also be seen on RSI (34). I have pointed it out using the purple arrows. RSI (34) also coming to test ascending trendline support.
Trade active
Market moved in the expected direction.However, indicators now look abit weaker..
Moved my SL to 111.315 cover swap costs and commissions.
Trade is now risk-free.
I stress again. Risk management is and has always been of utmost importance.
Trade closed: stop reached
Market reversed and took out my trailing stop. Risk free trade.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.