Waiting for a pullback for a better sell entry on USDJPY
After Friday's NFP big miss we see USD weakness across, the move down was rather quick and aggressive for USDJPY. I managed to scrap some pips on the way down but closed out positions before the weekend close.
Monday's data calendar is rather light with Janet Yellen speaking later during the day. (Asian Timing)
I will be looking for a retrace back to 107.50 (+/-) area for a sell order with SL above area and TP @ 106 with RR at least of 1.5.
However should the move continue down at the start of early Asian trading, I will likely give this trade a miss.
Personally I hate chasing trades as I have gotten burned many times doing so.
Trade safe - AdiosFx
Monday's data calendar is rather light with Janet Yellen speaking later during the day. (Asian Timing)
I will be looking for a retrace back to 107.50 (+/-) area for a sell order with SL above area and TP @ 106 with RR at least of 1.5.
However should the move continue down at the start of early Asian trading, I will likely give this trade a miss.
Personally I hate chasing trades as I have gotten burned many times doing so.
Trade safe - AdiosFx
Trade active:
Sell trade entered: 107.44
Stop loss: 108
Take profit: 106
Comments: Will be watching if trade is able to break recent low of 106.50, if not will close trade.
Stop loss: 108
Take profit: 106
Comments: Will be watching if trade is able to break recent low of 106.50, if not will close trade.
Trade closed manually:
Strong bounce off 106.50
Trade closed 107.04
Trade closed 107.04
1) Entry price could be better 107.75 area
2) Target Price should be at the recent swing low of 106.50 area (do not assume price will break recent support)
Looking forward to the next set up!