Hi all,
About two weeks ago I was looking for a long position near the 116 on the USDJPY. Price managed to break through the support and hit my stoploss.
However, I expect this support to turn into resistance now. The same entrypoint, but now to the downside.
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INFO ON THIS TRADE
Entry: 115.85
Stoploss 117
Target 1: 113.453 (Risk:Reward = 1 : 1.8)
Target 2: 111.15 (Risk:Reward = 1 : 3.63)
When being 100 pips in profit, move stoploss to breakeven or above recent structure.
Best of luck!
About two weeks ago I was looking for a long position near the 116 on the USDJPY. Price managed to break through the support and hit my stoploss.
However, I expect this support to turn into resistance now. The same entrypoint, but now to the downside.
-----------------------------------
INFO ON THIS TRADE
Entry: 115.85
Stoploss 117
Target 1: 113.453 (Risk:Reward = 1 : 1.8)
Target 2: 111.15 (Risk:Reward = 1 : 3.63)
When being 100 pips in profit, move stoploss to breakeven or above recent structure.
Best of luck!
Note
Nice AB=CD that leads towards the entry point. Please see below.
Note
A triangle is forming. Waiting for a breakout.
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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.
Related publications
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.