Technician
Long

USDJPY: Yeah, Stopped-out and Going Long Again

FX:USDJPY   U.S. Dollar/Japanese Yen
2817 25 22
My previous long on USDJPY             was stopped out on today's spike down. However the price retreated again higher, found strong support and formed a hammer candle with a major lower shadow..The USD continues to show renewed buying demand across the board.
I have to admit, It's mentally hard to re-enter on the same pair after being stopped out. However, challenging your emotions for what you see is necessary to remain on top shape as a trader..

Wish me luck on this one, wasn't an attractive week.

Be one of the first members of my new trading portal, check my new website http://thefxchannel.com/ , vote and subscribe. Thank you

Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
------------------------------------------------------------------------------------------------------------------------------------------------------------
https://twitter.com/thefxchannel
https://www.facebook.com/thefxchannel
https://plus.google.com/+Thefxchannel0
My best regards
Technician
If you dont want to miss any trade and see all the trades live, fully transparent. No bullshit like some others. Join my FREE channel here https://telegram.me/technician_forex_trades
aaha! this is great mate :). I have a trade planned in the opposite direction on 4H
USDJPY 4H Short Idea
Reply
Technician TOP TradeYodha
2 years ago
well it can work for both of us :D
-1 Reply
TradeYodha PRO Technician
2 years ago
That is true. That's what I will be looking forward to
Reply
Technician TOP TradeYodha
2 years ago
I feel this is going to rally. Ofcourse feel means nothing :)
-1 Reply
TradeYodha PRO Technician
2 years ago
:)
Reply
TradeYodha PRO Technician
2 years ago
you are right as DXY I think still have room to move upwards
snapshot
Reply
vila
2 years ago
Good luck, I will be long after 50 and 200 on 4h, if PA
+1 Reply
I think going long USDJPY is a bold move...good luck!
+1 Reply
moneymaking
2 years ago
Hey technician, I totally agree with you on how hard it is to re-enter into the same trade that you were stopped out from. It's very challenging. Main thing here is to follow your trade plan and keep on trading it over and over again. If you know the overall outcome of your trade plan, then there should be really no problem to take the trade. Good luck to you :)
Reply
Technician TOP moneymaking
2 years ago
well said moneymaking
Reply
itaskar
2 years ago
hi, Iam watching this zone where support can become resist, will wait for break/or will buy lower
snapshot
Reply
Technician TOP itaskar
2 years ago
yep, think its an important near term level
-1 Reply
note.natrong
2 years ago
Hi Technician, Could you please explain the rejection between your graph and my graph. I think my graph still rejection with SMA 50 because the previous forth candle was rejection but then the three candle make me not sure the rejection.
snapshot
Reply
Technician TOP note.natrong
2 years ago
Hi, you talking about gbpusd in your image
-1 Reply
note.natrong Technician
2 years ago
Sorry, but I am confused the rejection concept. I wanna just know the concept.
Reply
Realisto_FX PRO note.natrong
2 years ago
Perhaps a higher timefame chart helps. Rejection candles are set in supply / demand zones. A supply level where market participants place offers , and a demand level where market participant place bids . A pin bar shows a rejection of the market to set below / above certain level.

In the case of Technician USDJPY trade, the market rejected bearish continuation by placing bids around 118.5. In your case , there´s a clear case of indecision where you find buyers and sellers (so market is in consolidation). My recommendation is to sit on the sidelines till there´s a clear breakout.
snapshot
+2 Reply
Technician TOP Realisto_FX
2 years ago
Thanks for this great explanation
-1 Reply
Technician TOP note.natrong
2 years ago
Ok, if you have a look at your chart, you can see that the price moved higher above the 0.382 retracement level, but retreated sharply forming a long upper wick, that's a kind of rejection, and that lead to price moving lower back towards the lows in the following candles.
-1 Reply
note.natrong Technician
2 years ago
One question, The three candles last at MA 50. they aren't the rejection ? I think they are not the rejection.
Reply
Another view to adjust stops, it looks like a bearish pattern forming
snapshot
Reply
Sakil Mah
2 years ago
Wht can i do? Pleaee advice me buy or sell, i was sell 3pip 118.74?
Reply
Realisto_FX PRO Sakil Mah
2 years ago
Technician is long , however I´m short . If you are in the short side, place the stop @ 119.51 and see what happens. If you can´t sleep well because of this position, you are using a big lot size. Trade small .

Hope it helps
Reply
No_more_Post
2 years ago
USDJPY
I agreed and waiting to buy . ^^
Reply
HiTech PRO
2 years ago
I am with you on this, looking bullish now after I was kicked out of my other jpy shorts
USDJPY - THE MONTH OF AN UPTREND
Reply
lazy.crown2
a year ago
goodday technician! i just want to ask how to set 50day sma?
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out