Get Your Chop Sticks Ready

FX:USDJPY   U.S. Dollar / Japanese Yen
959 6 18
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.

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.
i got the same trade, but entry from .36 similar target. good luck!
Bonavest ShawnWood
Yeah I jumped the gun a bit as it normal and I pay for it by carrying negative pips for the beginning of some of my trades. I re-bought again lower and am now averaged in at 100.55.
Did you close the trade or continue opened?
I can't lie... I moved my stop loss lower. LOL I shouldn't have opened the trade early on the open of the week.
Well said and a well plan. I will be in this LONG for a few days myself :) I like to use Heikin Ashi Candles(H.A./Jap-Sticks) so, I will monitor a 4hr. breakdown before deciding to get out. Great Analysis!
Thanks, I try... Good luck in your positions. We'll see how it turns out this week.
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