USDJPY 60min Bull TCT

FX:USDJPY   U.S. Dollar / Japanese Yen
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!
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
Same with this one. Great to have different eyes on the same pairs.
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out