TheForexNinja

USD/JPY Buying Opportunity about to Rise Again?

Long
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
Hey Traders I just noticed a nice doji like hammer formation on the USD/JPY daily chart I believe this is a good entry to buy with risk managment. I will buy at this price and place my stop below the wick of this candle. Another way to trade without a stop is to use Nadex Call Spreads they are great high leverage with limited risk!

Always look at every trade as how much 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 active
Comment: Now that market has started to move in favor I will move my stop to break even.

Trade active:
Comment: Still in trade with break even we must let the market breathe. It is best not to even watch the market during the day because daily fluctuations really mean nothing it where the market closes at the end of the day that is significant. This market has continued to show strength every time it dips.
Trade active:

So if you bought this trade at 110.31 then I would now move my stop to break even. Depending on how many contracts you are holding closing 50% of your position in profit is always a good idea. Then hold the rest for more profit. Worse case scenario is if market reverses you will be stopped out with a profit.

Trade Well Friends

Clifford

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