USDJPY daily has broken out of the ascending channel, has broken 10 EMA and testing its 20 EMA now. Hopefully that will push price back to my strategic entry. The Daily slow stochastic aligns with our thoughts. Looking at the 4 hour bar, I want in but putting an order above the high is obvious. I'm betting its a trap and price is due to hit the stop before it makes the move. We risk missing out, but we are being patient and letting the market come to us.
ENTRY 2000 units strategically LONG @ 106.652
Stop is generic 50 pips @ 106.152
Profit target 1 107.980. Sell 1750 units. 250 will be trailed to break even with profit targets of 110 area.
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated! Disclaimer: Your data may be different. |V1-T1 = Volume 1-Trade 1| Material is educational only. Trade at your own risk!
Trade active
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*Patience required.
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This trade is still on but not looking good. It is against my risk preference tomorrow so I considered cutting my loss. Looking at the bottom the 4 hour is trying to form, I decided to hold. This pair has a tendency to do its own thing. Still this trade was not in the best taste. I've been underwater the entire trade, so a strategically terrible entry. Definitely would have been better to wait this one out. Almost never pays off trading the odd hours either (Sunday night-Monday AM.) Usually always reverses, like it did this week.
Trade closed: stop reached
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Finally stopped out. I am frustrated w/ this trade. How stupid of me to buy this trend. Glad to be out. wont be trading this spiteful pair for a long time.
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I truly appreciate everyone's likes and support on this trade. Unfortunately it was bad from the start. The weekend tricked many traders as I know many pros on this site that took this trade also. I do not mean to speak ill of everyone's agreement with this post but I find it disturbing when I post textbook picture perfect trades I get no likes what so ever. On this blatantly obvious wrong sided trade - 14 likes. Again thank you guys! Sorry I couldn't provide a better idea. However- had I shorted this thing and made money, I doubt I would have gotten even a single like. Lesson being - popularity on a trade idea is often a counter indicator for those of us muggles without 'top' t author status. Live and learn traders. Only lost 1%. We live to trade again.
I think it should be a winner , im in no means a master and very much a student :) GL
UnknownUnicorn981629
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@Sharecrazy, Nice chart dude! Beautiful! You are learning in the correct discipline sir. Good work-Beautiful fib retracements! I am keeping my fingers crossed!
Sharecrazy
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@TElphee, yes , wave 4 trading into wave 1 , not great .
Sharecrazy
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@Sharecrazy, I meant to say ,i see a bit of volume coming in , see how it goes
UnknownUnicorn981629
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@Sharecrazy, :D Even when EURUSD was weak last night into this morning USDJPY didn't budge. Now EURUSD may rip tomorrow and if it does it will most certainly be a loss. If EURUSD is weak (we do have CPI news tomorrow) we should be able to unravel this thing.
@Sharecrazy, lmao what is fk? Did you get out? I really wanted to this morning but at this point it’s T1 or stoploss.
Sharecrazy
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@TElphee, Fcuk , lol , yeah 60 pips , printed some Divergence and i cut and run , seems cpi data may have influenced the pullback , may reenter soon ,DXY really weak though , GL and thanks for sharing
Sharecrazy
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@TElphee, I see some Bear div on the 4 hr , watch out
UnknownUnicorn981629
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@Sharecrazy,LMAO I'm riding this thing to the welfare office. I refuse to move my exit/target. I should have scratched this morning but did not so now I'm stuck. I think it will be a loser, its already concrete in my head as a loss. If EURUSD gets weak tho, we may have a chance but I bet EURUSD runs up to test the highs this week since I am on the wrong side of the trend with this one. Thanks for the heads up tho. I shoulda listened to you at first and removed the order.