USDJPY Long - Flashcard
USDJPY Long - Direction: In a Bullish Cycle on the H1, showing Bullish Momentum in Level 2 of the cycle. Entry: Pins and bounce off the 800 EMA indicated a possible low and after the low was held for over an hour, a W pattern formed, enticing me to enter. In addition, a shark-fin was seen indicating it was going to rise. SL 15 pips below Trade Open (7 pips below current low), and TP 60 pips above Trade Open. The reason for my TP being at this point is because I saw the RSI Line cross the Trade Signal Line, and the RSI Line also did a shark-fin as it was overbought (at the 83).
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