USDJPY: SHORT MEASURED MOVE
Updated
Trade Setup:
-Measured move from retest of major support / resistance level
-No particular pattern found
-Trendline break
Note: The ideal point to enter thsi trade would have been the break of the trendline as mentioned on the chart
I have decided to enter on the basis of the long wick candle (with the arrow above it)
Trade Management:
- 2 Limit order placed at 100.300
- 2 Target profits ; 1 @ 99.78 Fib Level 1.618 of trendline s/r measured move ;
2nd @ 99.440 Fib Level 2.0 of trendline measured move although I am open to trailing it further down to the 99.20 level
- Same SL for both trades
- Once first TP hit ; SL for second position will go to Break Even
Lets see what happens...
-Measured move from retest of major support / resistance level
-No particular pattern found
-Trendline break
Note: The ideal point to enter thsi trade would have been the break of the trendline as mentioned on the chart
I have decided to enter on the basis of the long wick candle (with the arrow above it)
Trade Management:
- 2 Limit order placed at 100.300
- 2 Target profits ; 1 @ 99.78 Fib Level 1.618 of trendline s/r measured move ;
2nd @ 99.440 Fib Level 2.0 of trendline measured move although I am open to trailing it further down to the 99.20 level
- Same SL for both trades
- Once first TP hit ; SL for second position will go to Break Even
Lets see what happens...
Trade closed: target reached
Trade closed as planned in the trade management-1st Target hit
-2nd Trade SL moved to B/E
-2nd Trade SL
Overall some nice profit
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.