Roker1
Long

Flag pattern on USDJPY

FX:USDJPY   U.S. Dollar/Japanese Yen
15 days ago
Hi guys,
today i want to show you a different setup from the others that i usually share.
Here we are in a condition in wich we have no particular resistance stopping price until the level of 111 flat. So i assume price will not turn around until that particular level. Now i want to hop on trend cause we could have almost 200 pips at stake.
Usually when the market is heavily trending there's no big retracement that we can wait for, so when the market pause and take a moment to breath it creates this kind of formations like flags or pennants that have good likelihood of continuing in the trend direction.
To come to the point, here it seems we broke a nice flag pattern to the upside and price is retracing a little bit. The first 1:1 target is at the retest of the highs so i'm confident cause in case i'm wrong price could touch that level anyway.
The second part of my position will be right under 111 flat.
Let's see what happens.
15 days ago
Trade closed: target reached: First target hit!
14 days ago
Trade closed: target reached: Second part of the position out for a total profit of almost 250 pips!
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