11 Apr '21: JPYUSD Entry (1H: Bonus)
Zoomed in to the 1H. The minimum R/R = 4.2. See 1D & 4H charts for different perspectives. EOW marked w/vertical, red line.
Expecting a very brief upward tick from USD which should bring price closer to new support, already tested. Then, a launch upward. Interim consolidation cannot be ruled out.
Expecting a very brief upward tick from USD which should bring price closer to new support, already tested. Then, a launch upward. Interim consolidation cannot be ruled out.
Trade closed: stop reached:
Was stopped out after moving up my SL, but still made a tidy profit on this trade, with a little help from leverage and a large lot size, doubling a small account on one trade. Currently showing a B/R on the upper trend line. I was shorting the corresponding USDJPY values.
After some consolidation on DXY and a new, local maximum expected later this week (chart not shown), I expect this one to continue running up and will be looking for a new entry. At a minimum, I expect this to run to the 'Acceleration of Downtrend' line. The price may retest the upper trend line again. I will be looking for a new entry near a convergence of Fib. retrace level and this trend line.
After some consolidation on DXY and a new, local maximum expected later this week (chart not shown), I expect this one to continue running up and will be looking for a new entry. At a minimum, I expect this to run to the 'Acceleration of Downtrend' line. The price may retest the upper trend line again. I will be looking for a new entry near a convergence of Fib. retrace level and this trend line.
Trade closed: target reached:
Conservative TP1 reached right at the end of the second week!
Comment:
Played perfectly, this ran from 0.009107 to 0.009303 after the call, or about 109.805 to 107.493 as the USDJPY short. As this has broken down below my anticipated first SL move, and back into the downward channel, I will reassess this pair before a re-entry.