Kumowizard

Get ready for partial profit taking

FX:USDJPY   U.S. Dollar/Japanese Yen
323 5 19
If you followed and enterred on early signals at 100,15 or maybe you bought the 101 break, and you still hold your longs, get ready for partial profit taking.

- Price is approaching first important key supp/res at 103-103,85 zone
- haDelta is about to give a very early signal for possible momentum chill down for next few days
- Ichimoku setup is still neutral to bearish
- EWO is still red

I don't say you necessarely have to close the longs. Maybe just take 1/3 off, and trail stop for the ballance.

If by some reason (e.g. strong price action after NFP, or some new magic from BoJ) price breaks above Kijun Sen, and EWO turns green, then we may have start of a "trend reversal" on the daily chart . Please remember, for a real trend reversal price also has to break above Kumo cloud, and make a higher high, so close above 107,40.
I doubt such a trend reversal could take place at a sudden, given the fact that long term strategic setup on weekly chart is still extremely bearish (pls see prev post)

As always, risk management is the most important.

Note: before you think how rich this trade made me let me inform those who still do not follow me on Twitter, that in fact I was very unlucky. Before Yellen speach I moved my stop to flat... of course it was triggered. This was a mistake as I only had 0,5 unit position, so really not much risk. Should have kept my original stop, as per my rules.
The next problem was that I did not pay attention to the 4H bullish breakout above 101, as I was busy shorting bond market. Obviously Bond mkt is at same level, while USDJPY             is higher.
I hope some of you still made money on this trade idea. :-)
TradZ
3 months ago
I wish my platform allowed for me to take partial profits. The only thing I can do, is add on positions to be able to take those positions out the market early and let my initial trade ride out to where I set my target(s)@. I will however, open up another broker acc that allows for partial profit taking. And don't forget the NFP is coming this Thur :)
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TradZ
3 months ago
Ok I see you already know :)
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TradZ
3 months ago
Great knowledge spread, especially about the reversals and how price has to be above cloud. I will be watching this trade closely(setting alarms)
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TradZ
3 months ago
And I as well messed up my trade during the Yellen speech smh I wish I had stayed in@99.81 and I really messed up when I didn't get back in the trade b4 the speech. I had a buy order set@100.33 and decided to cancel and just wait till the speech smh Took off! I scalped the whole day to breakeven smh lol
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TAJIR_B
3 months ago
nice work mate, i got the first leg up after yellen speech, but i closed my position due to the week end. dint get the second because i was waiting for more retrace to the 'ks. now we have a bearish divergence on 1hr tf so i wait .

snapshot



still a newbie :)
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