USD/JPY Long above the Weekly S1 level
UJ daily update. So far we are holding the Weekly S1 as we predicted yesterday, but we still need a momentum thrust to the upside to enter. 200 day EMA is slightly below the S1. If we get the momentum thrust then we will have a bullish engulfing line candle pattern which would also be bullish. Only enter on the momentum thrust above 112.06.
Entry = 112.07
Stop Loss= 111.54
Profit Target = 113.00 or higher
If we do not get our entry price on 7/20 then cancel your bracket order because the setup will then be invalid. Good Luck.
Entry = 112.07
Stop Loss= 111.54
Profit Target = 113.00 or higher
If we do not get our entry price on 7/20 then cancel your bracket order because the setup will then be invalid. Good Luck.
Comment:
Stop Loss Triggered. I had to flip the trade into a short on the outside bar reversal in order to recover the loss. I figured since we were below the supply trend line then that would be okay as long as we stayed below it, which we still are. Sometimes you have to think on your feet when your trade. Recovered most of the loss on the new down swing. Oh well, win some, lose some. Next!