I took a loss on this trade. There was plenty of opportunity to get a small amount of profit but I just didn't take it. When it broke below the support (see linked trading idea) I just got out at a loss. JPY pairs just trend way too much for me to be willing to hang on to until it turns around.
I love these types of scalps. They are so consistent and easy.
Primary cautionary word: Sometimes the sell off happens before the actual highest point. So if the sell off happens before triggering your entry, remove the order.
For horizontal S/R levels on 240 minute charts, I generally only like to take about 20 pips. But has traveled a long way with virtually no breather to get here. I expect there will be a good amount of profit taking going on. I may go for more than the normal 20.
We have seen some slowing momentum on the long term down trend in the NZDUSD and it posted a higher low in January this year. This last week it broke out above the resistance that was formed and it appears we could go into a medium term uptrend from here.
Amidst all the Brexit news, the GBP has been in a crazy trend. I actually lost a good amount of money because of it. But here we are looking at a very significant level and I think there is definitely some money to be made shorting this pair.
The AUDUSD is approaching this very obvious and significant 240 Minute trend line just before the NFP today. News can always do crazy things with the price and I would never make a prediction based on how I believe the market will interpret the numbers, but it is pretty clear that some good news for the USD will further give this reason to drop from this trend...