#USDJPY: Simple Long Trade

FX:USDJPY   U.S. Dollar/Japanese Yen
3332 23 33
Update: Trade is active
Update Stopped out

Long on simple bullish breakout

  • Double bottom breakout and stability above the neckline
  • Near term falling trend line was taken
  • Could have completed a retest to the 50-days SMA before resuming overall bullish trend

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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
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
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Skype: Technician - The forex channel
Nice chart !

Your first target (121.10) is very crucial since it is beggining of strong impulsive down move and is also 0,764 fib retracement of the whole move down, a retracement level which I consider somewhat "hidden" and at least of the same importance as of the "official" ones (0.38 & 0.62).

Furthermore divergences have began to appear on the 4H RSI & Stoch 14,3,3.

So I may not talk about reversal, but some reaction should be expected of this level.

Let's see what happens !
good call im agree with u
Update: Trade is active
jhoyos Technician
How about last 240m candle? isn't it a little bearish? Do you manage your trades actively or once you have entered them you follow your inicial targets (SL & TP) whatever picture they are showing?

By the way, I am into the trade as well. I liked the idea, but looking at last candle and being possible a break even exit, truly I am doubting.

Thanks for your job. I really like your analysis.
Well, i don't like to second guess things especially that nothing major changed. I usually stick to my initial plan, so i might get stopped but that's not important..
moneymaking Technician
Totally agree. Sticking to your plan is the MOST important thing that you can do as a trader.
alex.a Technician
"stick to my initial plan, so i might get stopped but that's not important.." The most important words that I need the most ~ Thanks - dude -
trade has failed right ?
moneymaking Tijmen_K
Hi i believe the trade has not failed yet, not until stop loss is hit. Just stick to your plan and let the market do the rest. The moment you press that buy or sell button, you really don't have any control on how the trade might work out. The important steps are taken before pressing the sell or buy button. Hope this helps :)
+1 Reply
Technician TOP moneymaking
Thanks for this answer... have we reached stop loss yet? then the trade hasn't failed yet obviously
+1 Reply
Tijmen_K Technician
hmmm i think iv'e done somthing wrong then. ive buyed on 120.030 and had a stoploss to 119.60. but you have opened the trade later. sorry for this misunderstanding of mine.. im just a beginner who is trying to make some profit :P
moneymaking Technician
Anytime friend. We haven't reached the stop loss yet. Another reason to stay in this trade is that we got a HHHC above 120.72 level (previous higher high) and we haven't closed below 120.036 level (previous lower high). And we are starting to get pin bars forming at previous lower high, signalling a strong resistance level. Let's wait and see :)
+1 Reply
Tijmen_K moneymaking
omg.... i see it now. i had a stoploss on 119.92.. not on 199.6 so it was my fault anyway xD. thnx for the answer and help!
+1 Reply
moneymaking Tijmen_K
Your very welcome. Happy to help :)
+1 Reply
Nice REJECTION so far, if this is sustained for few more hours, i think we might get a rally
+1 Reply
moneymaking Technician
Agree :)
Sam0101 Technician
121 is coming !
Its on 119.68 , will it still go up all the way ?
sl (
Stopped out.
+1 Reply
MuathAlBulbul Technician
Would you go back in? Seems like 119.600 is holding!
Technician TOP MuathAlBulbul
The trade is still active on my trading account as i have closed this trade earlier and re-entered with different parameters.. (I dont usually do that, so this is an exceptional case)
-1 Reply
Technician TOP Technician
But didnt last, I was stopped out following retail sales.
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