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*Attached picture is the USD/JPY (Hourly Charts). Click on it for a bigger version.
Hello people. My trade today with the USD/JPY. I saw the momentum of this pair of currency is a little bullish but sort of moving slowly. I wasn't confident enough to open a long (buy) position but what I saw today was that, this pair has broke my resistance at 200ma in the hourly charts and it is just sitting down there.
Ok, I admit, I used a little bit of fundamentals to gain further confidence upon initiating this particular trade. Found out around noon time (SG Time) that BOJ's Fukui is going to speak at around 2:30pm (SG Time).
I initiated a long (buy) position at around 2:39pm (SG Time) at the price line of 115.86 with stop loss at 115.50 and my target profit at 117.00. I was watching the market very closely to see if there is any chance to show that it will not go my way. Suddenly, at 5pm (SG Time), it jumped and my target profit was hit at 117.00 at 6:16pm (SG Time). Profit of 114pips for today (23-08-2007).
2 comments:
hi ash,
fantastic trade !!! wish I could trade like you. Long at 11612 but took only 20 pips, panic lah. Tell me, how did you know that it will go up to 117 ??? do you have a crystal ball ??? your TP is first class !!
david
Hi David. My target profit is not first class lah :P It is just that I am shifting from a scalper to an intra-day trader. So, I am more on a look out for intra-day trades :) Minimal on scalping trade. Based on my hourly chart it is sitting on my 200ma in the hourly. Plus, I am expecting a little bit of futher weakening of the JPY and 117.00 is a mentally sensitive price line and it is also a sensitive price line for recent historical data and it is also near to or at the parabolics in the Daily charts for USD/JPY. That's why my target profit at is 117.00 and not higher than that :) There is no crystal ball in trading, it is all pure analysis and homework :)
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