USD/JPY levels
200EMA & PP & 100EMA hourly @ 110.80 - 111.12
4H/Daily s/R & S1 @ 110.50-110.60
Weekly S/R & S2 @ 109.80-109.90
R1 @ 111.50
R2 & 4H/Daily S/R @ 111.75-111.85
we got in at 110.94 with pair retraced to touch 50% and now broke above the 15 mins trend line.
SL @ 110.44 at 78%.
Profit @ 111.50 as strong resistance above.
****another management issue for me****
this trade could have been a good winning trade because i had to leave my desk so i should have just set profit at 100% fib level, don’t be greedy when i cannot monitor especially this is just a scalping trade.
We were not trading into any particular risk event.
- After the Asian session article 50 event and the recent comments from ECB member and PM May officially delivered the letter, the market is now calmed down with another round of risk on sentiment. The notable strength is still USD thanks to the bearish sentiment in GBP and the recent dovish talk by ECB to push EUR down. Yesterday the CB consumer confidence rose to new high has also supported USD to give it new fresh sentiment. We think the market can ride this sentiment up and that’s why we’re invested in USD/JPY now. If the sentiment continues, the fundamental of USD should now support the trade and as long as we don’t have any drastic negative event to fuel up JPY, the USD should continue to regain strength versus JPY.
- The catalyst was the article 50 and ECB comments to push both EUR & GBP down and the market is now calming down with ViX as the lowest level and equities are all green.
- The existing sentiment is risk on and flat.
- The game plan is to long USD/JPY at good retirement level in either pattern.
- The risk is another risky event to fuel up Japanese Yen and pressure USD, because of it, we will not let this trade run because we might still have further risky event from UK later on to give Japanese yen some push. Although it should also give USD some push to hedge out.
- Yes
USD/JPY levels
200EMA & PP & 100EMA hourly @ 110.80 - 111.12
4H/Daily s/R & S1 @ 110.50-110.60
Weekly S/R & S2 @ 109.80-109.90
R1 @ 111.50
R2 & 4H/Daily S/R @ 111.75-111.85
we got in at 110.94 with pair retraced to touch 50% and now broke above the 15 mins trend line.
SL @ 110.44 at 78%.
Profit @ 111.50 as strong resistance above.
****another management issue for me****
this trade could have been a good winning trade because i had to leave my desk so i should have just set profit at 100% fib level, don’t be greedy when i cannot monitor especially this is just a scalping trade.
We were not trading into any particular risk event.