USDJPY Prints a Strong 4 Hour Bullish Candle
After failing to create a lower low on the 4H chart, USDJPY prints a strong candle just above the previous high. The close on the bullish candle printed a few pips above the last high, indicating that the market would move up a bit more before taking another dip. This is always a fun opportunity to take a handful of pips.
Weekly Reversal Ripe for a Profit
On the weekly chart, a reversal was starting to develop confirming market uncertainty. With the R1 weekly resistance zone 100 pips above our strong candle this seem like a good trade to take. Note that multiple time frames were used to establish this trade’s plan of action.
Although this trade closed for a nice profit, there were a few bumps and adjustments. Firstly, the price-action missed our take profit on the first peak then dipped about 50 pips below our original entry. This could be seen as bad luck, but it was a great opportunity to build a position and buy again. Finally, after the new pivot points were created the take profit was moved down. Our first position took a 15 pip profit, the second position took a 60 pip profit.