My USD/JPY Trade (11-02-2009) --- Position Squared

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Hey everyone,

My trade on the USD/JPY (11-02-2009).

After the whole day of movements, I see in the charts that this pair was not able to provide any movements downwards. I did not pluck this analysis out of thin air. From the charts, it showed that beginning of the day, it hovered for awhile before breaking downwards continuation but, a big but, it was not able to break below today's Pivot Point S1.

I waited for price action and I went in to initiate a buy position at the price line of 90.088 at 09:37pm (Singapore Time). This trade was initiated with regards to purely on price action (how price hovered above the S1 support and how the trade was entered when it broke the "mini tweezer top" of the hovering price) and ignoring my MAs but my Fast MACD and Stochs was in line. A very risky trade but a well calculated one.

My Stop Loss at 89.7088 (30pips) and Target Profit at 90.54 (46pips). Risk : Reward = 1 : 1.53. I am being very conservative and that is the reason why I have chosen my Target Profit at the price line of 90.54 which is the high of today's morning trading.

Since this trade was placed with a very tight Target Profit and Stop Loss, it was closed at 12:52am (Singapore Time) with my Target Profit executed. A very fast trade done. I rarely do this kind of trades unless I am sure of it.

46pips profit for this trade :)

Peace and trade safely everyone...