USDJPY Long Idea

For now seems like UsdJpy is going to go up. On daily having a strong move up and broke the resistence making a BOS. Going lower on 4H and see that uptrend is here too. Same on 15M too.

As long the price don't go below:
-145:843 (last low) on 15M
-145.10 on 1H
- 141.513 on 4H
The up trend is likely to happen.
If we see those supports broken (specially 4H one) then we can look for a sell trade to Daily support (137).

What do you think?

Trade active

I open long positions @146.03/ 145.96 aiming above the last high (146.85) because if the price reach there, the up move have most chances to go up (continuing the up trend on higher timeframes).

Note

Price goes down to the 15M support and seems to reject it. I keep my trades open as in my view there still is a uptrend on bigger timeframes and no reason to close them..yet.
P.S: SL/TP are not the right ones from my trades, there are shown as a idea.

Note

On lower TF the price goes to 1H support and reject it (In my opinion the price did not broke the support because on 1H timeframe is a fake out..so far). For the up trand to continue I want to see a change of character on 15M. If the price goes above 145.760 for me is a good sign to up move to continue.

Note

If the price gonna broke 1H support I will close the trades because the down move could go even lower.

Note

1H support hold and the price came back up...seems to go to the last high on 1H/ 4H/ Daily. There I would close 1/2 of my trades and move my SL at entry to make the trades risk free, but it is just me and this is about trade managament so is up to you how you want to proceed.

Trade closed: target reached

I was set my SL above entry and below the 15M support @ 145.771 and price hit it. It was a nice trade tho.

Arthur05

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.

Arthur05