ForexWeeklyAnalysis
Long

Pending Long USD/JPY mid 101.XX Region

FX:USDJPY   U.S. Dollar/Japanese Yen
107 14 1
Given that my other entry region didn't quite work out, the mid 101.XX region will be a place to look for possible long entries.
Consider exiting if price closes below trend line AND below mid 100.XX region.
Target 1: 103.7X region
Target 2: mid 105.XX region

RR: 100 pips risk for 200 to 370 pips rewards
itaskar
2 years ago
Will see the opening, but I expect drop to 101.00 where will I put some longs with target 102.00 there will I close all my positions. There is light hidden divergence, so move up is possible but there is to strong resistance area to go higher I think, we have got LLows now, so I expect LHighs.
snapshot
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itaskar itaskar
2 years ago
then I will looking for longs on the longterm trendline 100.XX
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itaskar itaskar
2 years ago
Sry, I was wrong with the LL, it is in the same line. So, may be move up from here, anyway I will close it around 102.00, because I dont know whats going on here.
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ForexWeeklyAnalysis itaskar
2 years ago
LL is only followed by LHs in a trend, like in a downward channel, so you have to ask yourself are we currently in a channel or about to form one?
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itaskar ForexWeeklyAnalysis
2 years ago
yep, I understand Brian. I see my fault now. So, I will wait now with the closing, my stoploss is below the lower trendline on my picture, somewhere around 100,10/20 area.
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itaskar itaskar
2 years ago
Triangle(visible in daily) target was not reached yet, it is in 107,XX area, so I beliew in further upward, but the way is a question for me.. :)
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ForexWeeklyAnalysis itaskar
2 years ago
All I see right now is consolidation, which tends to be harder to trade than trending markets. With that said, the long term view is to go long on USD/JPY with low leverage.
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ForexWeeklyAnalysis itaskar
2 years ago
It would not be unorthodox to hit 101.0X, I have another possible level there. However, it would've been nice if price had turned at the mid 101.XX region for a HL. I'm not worried until price closes below mid 100.XX region.
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Considering the only reason why I'm tracking my account on myfxbook is to count pips/performance, I've decided to exit the bulk of my position and just keep my best entries: 1 long on USD/JPY at 101.35 and 1 short on NZD/USD at 0.8600.

I originally wanted to showcase my entry management tactics (partial entries) but I don't like the way myfxbook displays pips, it shows pips per order not position. So if 5 orders are down 50 pips each, it shows -250 pips instead of -50 pips. So from now on, I'll just stick to getting in with one order per entry region (I normally do 4-5 partial entries per entry region).
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itaskar ForexWeeklyAnalysis
2 years ago
I like your partial entries, before using it I missed many trades, because it didn't reach my zones, now I am always in. In my opinion you should use it like before.
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ForexWeeklyAnalysis itaskar
2 years ago
I'll take it into consideration but for now, I've already made my decision. You're welcome to use partial entries on your own, just add a buffer zone onto each entry region.

For example, the entry region on USD/JPY was around 101.5X so you can start loading at 101.8X down to 101.2X (I went in at 101.8, 101.65, 101.5 and 101.35; 101.20 didn't hit due to the spread).
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itaskar
2 years ago
btw. good work here, I went out two days ago at 101.75, I feel really uncomfortable in jpy pairs and I will not try again in near future. I went out with loss, but just few dollars, because good buys at 101.30 area.
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ForexWeeklyAnalysis itaskar
2 years ago
I'm still holding mine from 101.35, I plan to hold it at least until 103.7X or maybe even 105.XX. Since I only have 1 entry on this account now, I can only exit once but on my other accounts, I have multiple entries so I'll be sure to take partial profits on the way up. In the event that price moves back down (which I doubt), I have stops at 101.50 to lock in 15 pips profit (when I'm not watching it).
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ForexWeeklyAnalysis ForexWeeklyAnalysis
2 years ago
Update: I'm still following my plan from 2 days ago, my SL is at 101.50 (BE+15). Price did drop some on Friday but that was mainly from Japan being on holiday, bulls defended the low 102.XX region, so I'm fairly confident with this trade right now. BUT that's not to say you guys should take fresh positions at current prices, I'm already protected because I got in at 101.35 so my risk is minimal compared to entries at the current price.
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