Long

USDJPY looking to the next weeks open.

Updated

Here is another Forex Trading snack.
I know it’s Friday and late in the trade day by Friday’s standards, but it’s never to late to strategize and plan for a new weeks open trade.

USDJPY has run up and started to show signs of slowing a bit. This could just be a rest before another push higher. Evidence that it might go higher early next week...

Friday’s trade hasn’t seen traders taking profits ahead of the weekend. Not much of a pull back in price. ( but we could still see some as we head into Friday’s close in NY )
Price is still above the 21, and 50 moving averages on the 4H

We are still above a Downward sloping channel trend line, and so holding the breakout of the channel, but more importantly still holding above the key 107 area that held price under it for quite sometime.

And so I’d think any retraces would be bought.
I’d be a buyer at or around 107.50-107.80
My stop just under according to risk tolerances.
My targets 108.50-109.50

If you chose to trade this idea, you assume all risk of loss.,

In trading you either make dust or you eat dust!
All the best

Note

Well after this weekend news of oil and the attacks on oil production centers brought the safe haven bid to USDJPY
My plan was to wait till the weeks open and try this trade setup. But now with the breaking news. I’m waiting a bit to allow everything to settle down and see then where the trade might be.

Trade active

This idea triggered over my night and now is slightly into the money enough to move stops to BE ( Break even ) producing a free ride trade.

Incase you might be wondering why I’m updating so long after the order triggered? Well often I set orders at areas where I believe that have good value for my personal risk tolerances and technical confluences. For me it is just a set it and forget it for awhile kind of trade. I love trading but I love living life without being tied to a computer screen. It is a strategy that has given me more freedom and allowed me to trade more good setups without regrets, or in this trades case, without getting up the next morning only to discover a move I wanted to participate in left me with no other option except to chase price. Trust me chasing price has cost me more in pips lost then setting up a order and living life. If your concern about getting stopped out while your away from the screen, you’ve taken on to much risk for your personalities risk tolerances. Good trading is being comfortable with your stops and realistic with profit zones.
Good luck everyone. If you’ve chosen to trade this idea you’ve also excepted all risk of losses.

Trade active

Moving stops up to BE +20 pips just to lock in some profits but still looking for a break higher.

Note

Still holding this position. But I’m raking 1/2 off of the position size. It’s never wrong to take some profits, and in front of the FOMC news on rates, it’s just good management. Stops are still the same. So even if stops trigger on the balance of the position we will take 20 more pips.

Note

This trade is still working. As we move closer to the FOMC rate decision I will monitor it closer. We are sitting in 60 pips of positive gains, my stops are at break even or better. If we maintain this 60 pips into the FOMC I will just ride it out. But if we have price narrow that distance, I will take the pips and run. So I’m holding for now.

Trade closed manually

Well the FOMC is finished. It was very uneventful to say the least. uSDJPY is pushing highs afterwards, so I’m taking the few extra pips and banking them. I’m now out of the trade at 108.40 a positive 80 pips banked.
The first 1/2 I got 60
The second 1/2 I got 80
Average was 70 pips gain off a 25 pip stop loss.
Off to the next trade.

PipsTradingClub

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