IvanLabrie
Long

USDJPY: Trend reversal?

FX:USDJPY   U.S. Dollar/Japanese Yen
1209 17 37
USDJPY             exhibits signs of a large scale trend reversal, to be initially confirmed after August's close, as long as the month ends with USDJPY             trading above 102.611 on close.

We shouldn enter longs at market open, as described on the chart, risking a 1/3 of our maximum risk per trade, and adding if we get a dip to support with the same stop loss. This will keep the initial entry risk small.
After we have good progress, we can trail stops and add more to longs on further uptrend continuation setups that we might get along the way as USDJPY             moves towards our targets.

Good luck!

Ivan Labrie.

ps: if interested in access to my trading signals service message me for a free trial.
Comment: Very good progress here, I'm inclined to move the stop to entry price here, to be conservative. It shouldn't really fall back below monthly support.
Trade closed manually: Out for now, we'll reenter if viable.
Comment: I got back in 10 pips below my exit.
Trade closed manually: I'm out, and flipped short.
Comment: I reccomend to short this and EURUSD, or short EURJPY. Use a 3x the daily ATR stop.
Comment: Shorts working well, long side was good while it lasted.
Trade closed manually: Covered short from 104.186, also covered EURJPY, CADJPY and flipped long USDJPY again.
So will you be holding this for your long term target of 120.413? Thank you.
Reply
Unless I'm trailed out at my entry price. Then I'd consider reentering if safe.
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120 for sure...look at the monthly. It can get back up to 140.
Reply
Yes, it's in the cards.
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fxrandal IvanLabrie
Thank you!
Reply
fxrandal Rocketman
Awesome to see the monthly chart!
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Welcome, you took the trade at the weekly open?
It's possible that the long term dollar uptrend is resuming now.
Reply
fxrandal IvanLabrie
I took the trade on 8-25 at 100.455. I have been trying to decide whether to hold for the long term.
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Hold then, should be good. You can keep stops under last Friday's low, or a bit lower.
Reply
yep.... :) looking for a green, monthly, candle.
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