USDJPY 4hr Chart My line in the sand

FX:USDJPY   U.S. Dollar / Japanese Yen
71 1 4
Plan: Go long whenever a 4hr candle closes above this line.
Comment: candle closed above line, time to go long
Comment: entered long 103.238
Comment: stop should be at 102.50 and tp at 111.000.....This had pulled back after closing above the line which is normal. price sometimes retraces then goes on to new highs. I am still very bullish on the $Y pair but a price retreating below the stop would be a bad sign for bulls and confirmation of being wrong. I believe next week will provide entries for buys and a bullish move...... On the 4 hr chart it has retraced and basically filled the gap up that it had set at the opening for the week. I think it has hit a very good support area.
Comment: correction to above. disregard that filled the gap last sentence. my chart was showing a gap that was incorrect. bad data.

Related Ideas

If a new swing low is made before a candle closes over the line in the sand then the setup is voided.
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