This is my first posted trade idea. Here's a nice trade idea I have for USDJPY. I just entered on a limit buy order around support. If support holds we should get a 3:1+ RR on this trade. If you want to follow my signal you can enter now on a limit order for wait for a price action candle stick pattern to enter on a buy stop order which may give an even better RR. I would recommend risking no more than 1 or 2% of your account. Let me know what you think. Happy Trading!
Trade active:
Price found support and is moving back towards resistance as anticipated. The plan is to hold the position until price target is reached. You can manage the trade as you see fit with trailing stop etc. Personally, I like the set it and forget it approach most of the time. If that scares you too much you can always move your stop to breakeven once the price is at least halfway to the target.
Comment:
Not much action going on here so far. We've seen price rise and then reverse back down to support. Not an encouraging sign, but still too early to tell what is going to happen here.
Comment:
Pretty frustrating trade here. It isn't hitting our SL or TP. You can exit this if you want or continue to hold until something happens depending on your available margin.
Trade closed: stop reached:
If you held on to this trade, it eventually broke down and hit our SL for a 1 or 2% loss. Not every trade works out unfortunately.