I had posted a trade on August 26th for a potential long on USDJPY . When looking at this pair I had seen that overall on the Daily time frame it had been an a uptrend. Trading is all about probability so I used the fact that price is more probable, if buyer interest is shown, to go to the upside. The had displayed to me that price was failing to break and hold beneath the 110.700 price area. Every trade I approach it as a strategic business decision and this pair had displayed to me that it would be a probable, strategic trade to take advantage of.
After seeing the 100% push by the buyers on the daily (w/momentum) I waited for a pullback to come in and for buyer interest to come back at the 110.700 handle so that the market showed me it was still interested in taking this pair long. Once I had seen that the buyer I was still interested I had entered some positions into the market at the 111.000 handle. This trade ended up hitting both targets for a total of 300 pip trade.
All my setups I post are relatively simple and I always make sure to hold that approach with my trading because with simplicity and consistency it can be very POWERFUL. I also want to bring up the fact that momentum is a key factor in trading whether it is a reversal, fake-out, range, or trend continuation, the 4 market conditions I trade. Discipline is key as well. When trading stay disciplined to proper risk management as well as discipline with your emotions. Trust the process!
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