Hi all,
About two weeks ago I was looking for a long position near the 116 on the USDJPY. Price managed to break through the support and hit my stoploss.
However, I expect this support to turn into resistance now. The same entrypoint, but now to the downside.
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INFO ON THIS TRADE
Entry: 115.85
Stoploss 117
Target 1: 113.453 (Risk:Reward = 1 : 1.8)
Target 2: 111.15 (Risk:Reward = 1 : 3.63)
When being 100 pips in profit, move stoploss to breakeven or above recent structure.
Best of luck!
About two weeks ago I was looking for a long position near the 116 on the USDJPY. Price managed to break through the support and hit my stoploss.
However, I expect this support to turn into resistance now. The same entrypoint, but now to the downside.
-----------------------------------
INFO ON THIS TRADE
Entry: 115.85
Stoploss 117
Target 1: 113.453 (Risk:Reward = 1 : 1.8)
Target 2: 111.15 (Risk:Reward = 1 : 3.63)
When being 100 pips in profit, move stoploss to breakeven or above recent structure.
Best of luck!
Comment:
A triangle is forming. Waiting for a breakout.
Please see below.