My USD/JPY Trade (09-06-2008) --- Position Squared

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Hello everyone,

Today, I was looking at the USD/JPY the whole day while I was at my desk at the bank. It had a very interesting opening with a gap and then after, market climbed back upwards.

I initiated a long position at the price line of 105.55 at 04:55pm (Singapore Time) | 08:55am (GMT). What I saw was my charts and candle pattern. First market climbed back upwards, after breaking my 200ma, it created a mini tweezer top but there was no strength for it to climb back down. After market bounced off my 200ma, refusing to come down and after the big up close created during the 03:00pm (Singapore Time) | 7:00am (GMT) candle, I got in at the price of 105.55.

My analysis was supported with MAs crossed upwards, Fast [Ash C Wave] already upwards and [Ash Cross Over] crossed upwards.

My Stop Loss at 105.33 (22pips) and Target Profit at 106.20 (65pips). Risk : Reward = 22 : 65 = 1 : 2.95

I reached home around 09:15pm (Singapore Time) | 01:15pm (GMT). My Target Profit was hit at 09:55pm (Singapore Time) | 01:55pm (GMT).

65pips profit for this trade :)

Peace and trade safely everyone...