Trade Idea – USD JPY Prints Strong Bullish Candle

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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

USDJPY Losing Momentun on Weekly Chart

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.

By | 2018-02-08T05:37:38+00:00 March 21st, 2016|Trade Ideas|0 Comments

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