USD/JPY : Bearish Trend Changing to Bulish
On 4 Hour scale, HARAMI was observed followed by Bullish Engulf. Therefore, Long trade is in order.
Take entry at Market price by placing two Buy Orders of same LOT size.
By utilizing "Position Size Calculator" available at Sarmaaya.pk website, first calculate LOT Size by entering parameters of Stop Loss, Entry Value and Risk %age.
Keep Stop Loss at previous LL. Risk at 1% and prevailing market price.
Calculator will provide LOT size and additionally also provide Take Profit values with respect to Risk : Reward.
Taking of 2 trades is recommended with 1% risk. Take profit at 1:1 Risk : Reward ratio for one trade and 1:2 for second trade. If S/L is hit 2% will be the loss; however, if both TPs are hit then profit will be 3%.
Take entry at Market price by placing two Buy Orders of same LOT size.
By utilizing "Position Size Calculator" available at Sarmaaya.pk website, first calculate LOT Size by entering parameters of Stop Loss, Entry Value and Risk %age.
Keep Stop Loss at previous LL. Risk at 1% and prevailing market price.
Calculator will provide LOT size and additionally also provide Take Profit values with respect to Risk : Reward.
Taking of 2 trades is recommended with 1% risk. Take profit at 1:1 Risk : Reward ratio for one trade and 1:2 for second trade. If S/L is hit 2% will be the loss; however, if both TPs are hit then profit will be 3%.
Comment:
If TP1 is achieved, and the trader happened to be watching it, then for 2nd trade raise the S/L to the original entry price. This will ensure that if S/L is hit then 2nd trade is closed without any loss and hence profit taken on 1st trade will become the overall profit.