fxstudent299

Rejoin major Uptrend in USDJPY on 4h chart after retrace

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
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4
Rejoin the major Uptrend in USDJPY on 4h chart:

I will try to enter USDJPY long @119.65,
SL 118.75 (-90), PT 121.60 (+195), (R:R=2.16)

1. Area between 119.53 (0.5 FibRetr) and 120.076 (0.618 Fib Retr) provides a lot of support, so maybe the price will not fall down to 119.65. If it does, great support between 119.50 and 118.95, so SL should be quite safe.
2. If nice pinbar on 1h chart betwenn 119.50 and 120.00, so will try to enter there with 0.5 position (same SL and PT).

Comments

2014.12.09 07:36 UTC,
moved entry to 119.90 for 0.5 position and will get another 0.5 position at 119.55 (so average entry will be at 119.725)
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