USDJPY . . . Bought on meaningful dips

FX:USDJPY   U.S. Dollar / Japanese Yen
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BUY on meaningful pull backs I advised yesterday and here is the picture of a MEANINGFUL pull back.

It's far easier to see the ENTRY point on the 5m but I'm not permitted to post short time frames on the main board so I'll just try and show it on the 30m instead.

Don't forget I was looking for BUYS only on this pair (I've been a BULL since the end of October)

What was known . . . top of blue box is SUPPORT - PRICE above the 100SMA - 10/20 EMA positive (this is where the "layer cake" of the 5m chart comes in to it's own) - PRICE goes up (I'm looking for pull backs !!) - FIBS from bottom to top and we have SUPPORT coinciding at three points 100SMA / 50% retrace and trend line . Switch to the 5M chart and it's pretty much a no brainer when to enter back in for a BUY. There is the 5 day daily average boundary too at 140 points +- so there was always a red flag to be wary of as the first attempt higher faltered.

It was Friday . . . no-one in their right mind is going to push PRICE to the skies so it was just a question of closing all trades in profit and looking forward to the weekend.

I only ever use one subchart indicator which is MACD set at 10/20/8 . . . it marries up with my 10/20 EMA on the chart and there is no discernible difference in cross overs etc to the regular 12/26/9 settings. It is useful in determining "if" PRICE might be tiring though DIVERSION as noted on the chart. It looks to be tiring again going into the week ahead and I'll be more cautious in the coming days. Look to the left on my daily chart and PRICE is at or nearly at a major 50% FIB and historical RESISTANCE and chatter on the wires is all about a proper pull back coming soon for this pair with DXY             over the 101 mark . . . it ain't over until the lady sings :)

Comment: NB. My ethos is DYSWIS . . . "do you see what I see" knowing that 1000's of intraday traders and algos alike the world over use these simple methods to determine their descision process. If I see it, then they see it and they will trade with the TREND every time.

I aim to turn over 50 cards in the pack leaving me with just 2 giving me a 50/50 chance of success in going LONG or SHORT. That's the best I'll ever get with one added advantage to tip the scales in my favour of always trading with the TREND . . . reference the previous paragraph.

I don't consciously apply "Money Management" . . . I see RISK/REWARD parameters on the charts without having to apply them but just for reference in this instance, my STOP was just below the 100SMA and the TARGET the previous HIGH . . . I've just calculated it out of interest to myself and the result was 3 to 1 +- in this instance.
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