Is the USD/JPY about to Fall? Strong Sell Signal!
Hey traders so I have been watching this pair for several months and it looks to me like it has been carving out long term Head & Shoulders top. Finally it also looks like it is about to break below the neckline. If this occurs I think we could see a straight sell off to the profit target which is 106.50
The fact that the stock market is also starting to turn lower could accelerate selling because the Yen is known as a safe haven currency pair which means investors may buy it in times of uncertainty.
Sell Trade Entry 109.20
Stop Loss 111.00 above right shoulder.
Exit Strategy- Profit Target 106.50
Risk Management:
(Always look at every trade as how much you can afford to lose. Make sure it is your risk managment tolerance. Most experts recommend never to risk more than 2% of you total account equity on any given trade. Then protect your profits until market reaches your desired target.)
Trade Well,
Clifford
The fact that the stock market is also starting to turn lower could accelerate selling because the Yen is known as a safe haven currency pair which means investors may buy it in times of uncertainty.
Sell Trade Entry 109.20
Stop Loss 111.00 above right shoulder.
Exit Strategy- Profit Target 106.50
Risk Management:
(Always look at every trade as how much you can afford to lose. Make sure it is your risk managment tolerance. Most experts recommend never to risk more than 2% of you total account equity on any given trade. Then protect your profits until market reaches your desired target.)
Trade Well,
Clifford
Trade closed: stop reached
Comment:
This is why risk management is so important what looked like a great trade completely changed direction. This will happen in the forex so that is why stop losses are so important. Or if you don't want to use stop loss trade with call spreads on Nadex.com they are the best and giving you alot of staying power.
