USDJPY - Continuation to the upside
Updated
Hi traders
I had this pair on my watchlist for some time now. I was waiting for a clear break to the upside as I was expecting a continuation to the upside.
As the last push took out two levels of resistance I decided to split my position in two. In case the move continues after a short retest of the previous resistance level I want to be on board. However, I do see a possible inverted head and shoulder pattern. So here is my game plan:
-The first position (0.5%) I will open at retest at previous resistance with a RR of 1:2
- The second position (0.5%) I will open at a lower price in case a potential inverted head and shoulder pattern forms. RR on this one is 1:3
Trades go breakeven as soon as they reach 1R profit.
Let me know what you think in the comments below. Good luck!
I had this pair on my watchlist for some time now. I was waiting for a clear break to the upside as I was expecting a continuation to the upside.
As the last push took out two levels of resistance I decided to split my position in two. In case the move continues after a short retest of the previous resistance level I want to be on board. However, I do see a possible inverted head and shoulder pattern. So here is my game plan:
-The first position (0.5%) I will open at retest at previous resistance with a RR of 1:2
- The second position (0.5%) I will open at a lower price in case a potential inverted head and shoulder pattern forms. RR on this one is 1:3
Trades go breakeven as soon as they reach 1R profit.
Let me know what you think in the comments below. Good luck!
Order cancelled
I have cancelled my orders as the price has reached 1R without triggering my buy limits. Price target stands though.
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