Just got long on a USDJPY 60min Bull Trend Continuation Trade (TCT)
USDJPY is in the middle of a higher time frame breakout (Ascending Triangle).
I will be exiting this trade at either the retest of the recent highs (Target) or on break of support (stop).
Best of Luck!
USDJPY is in the middle of a higher time frame breakout (Ascending Triangle).
I will be exiting this trade at either the retest of the recent highs (Target) or on break of support (stop).
Best of Luck!
Trade closed: target reached:
Pretty much a painless trade. +100 pips on this one.. Makes up twice as much as I loss on AUDUSD :)
Also take notice on why I set Targets exactly @ 104.44. That wasn't a random number that I just pulled out of thin air. The psychological handle 104.50 was lurking just above and I wanted to take profits before price touched that level. So I opted take profits 3 pips before 104.50 plus 3 pips for the spread (sometimes widens out this far at the close of the NY session) which equals 104.44.
ALWAYS pay attention to these psychological numbers when placing limits, stops, and targets. It has save me many times before!
Psychological Numbers - Any number ending in a "0". If you think about why these numbers are psychological in the markets it makes a lot of sense. Big firms and hedge funds are working in whole numbers. It makes sense for them to work in whole numbers when dealing with large orders because it makes the math a lot easier for them to do.
Here a couple of examples:
1. 104.00
2. 104.50
3. 104.70
4. 104.90
Also take notice on why I set Targets exactly @ 104.44. That wasn't a random number that I just pulled out of thin air. The psychological handle 104.50 was lurking just above and I wanted to take profits before price touched that level. So I opted take profits 3 pips before 104.50 plus 3 pips for the spread (sometimes widens out this far at the close of the NY session) which equals 104.44.
ALWAYS pay attention to these psychological numbers when placing limits, stops, and targets. It has save me many times before!
Psychological Numbers - Any number ending in a "0". If you think about why these numbers are psychological in the markets it makes a lot of sense. Big firms and hedge funds are working in whole numbers. It makes sense for them to work in whole numbers when dealing with large orders because it makes the math a lot easier for them to do.
Here a couple of examples:
1. 104.00
2. 104.50
3. 104.70
4. 104.90
