Get Your Chop Sticks Ready

Everyone has been trying to catch daggers as the USDJPY has been falling. Looking at the Daily and Weekly charts I see it may be time for a few days of LONG positions with another push down to the 0.618 Fib level from the last climb on the Weekly chart.

After hitting the 0.618 Fib line I will take another look at going long if it seems we have hit a bottom and possibly some fundamental news has assisted in a weaker Yen.

Trade active:

Entry @ 100.73
TP @ 103.20
SL @ 100.28 (The Low of today's daily candle)

Trade active:

Moved SL down @ 100.05

I shouldn't have opened the trade early on the open of the week.

Trade closed: stop reached:

Well finally got stopped out yesterday, but just because my entry was too soon doesn't make me think we are nearing a bottom. I will be keeping my eye on the daily chart for USDJPY.

Trade closed: target reached:

Well the initial trade idea completed and closed at 103.50 limit.

I actually have an open position still open that got opened on a buy order I had set on a break of the 4 hour Donchian Channel at 100.70. I haven't closed it out yet, but have put a SL at 102.75.

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Trade closed manually:

Closed LONG at 103.30.

Profit +260 pips!

I've opened a small short but will create a new idea for the short later.