USDJPY Potential Long *READ* Rules for Entry Below!

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             recently bounced off some strong support around the 119.325 level and has since then shown some bullish momentum. As you will find my trading strategy tends to trade in line with the current momentum of the market as I have found it to be the most profitable way of trading that holds least amount of risk. There is some resistance around the 120.275 level marked by the red horizontal rectangle so there is a good chance if that resistance holds this trade will be canceled. Hence the word "POTENTIAL" in the title.

Please note the following rules below for entry:
  • Bullish momentum pushing price above the 120.275 level
  • A retest of the 120.275 or some sort of a pull-back (potentially on a lower time frame)
  • Enter on bullish momentum AFTER pull-back/retest
  • Stops below previous swing low (around 119.655)
  • Profit whatever you can get (in a perfect world the higher resistance level around 120.900)

You will find that my style of trading often holds a greater risk than reward, however the potential of price action moving in the favor of my position where profit can be liquidated and banked before price action moves against me is very high when the rules are followed.

If you find yourself liking my style of trading please feel free to follow me as I will post potential trades like this rather frequently.
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