My USD/JPY Trade (24-02-2009) --- Position Open

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Ignore the red and blue arrows on the chart.
Those are not my trades done. It is just analysis purposes.

Hi everyone,

My trade on the USD/JPY (24-02-2009).

I am looking for a buy position of all odds on this pair today due to price action for the past few days :)

What made me to look to buy is that in the Weekly chart, there is momentum on the upside with market breaching the 23.6% Fibo Retracement last week. Yesterday, in the Daily chart, a good up trust from the market and looking at how the up trust moved in the Hourly chart, I am putting my odds on looking to buy this pair today.

I opened the buy position at the price line of 94.60 at 10:53am (Singapore Time). It broke the micro trend resistance from the few previous hour. My MAs is healthy, both Fast and Slow MACD pointing upwards and Stochs are healthy as well. Without any hesitation, the trade was opened.

Stop Loss at 94.25 (35pips) and Target Profit at 97.40 (280pips). Risk : Reward = 35 : 280 = 1 : 8. Why 97.40 as my Target Profit? It is the high of 24-11-2008 and it is just below today's Pivot R3.

As of now, I am around 130pips in the money and I have closed half of the position at 95.96 with 136pips profit at 9:35pm (Singapore Time) :) I am letting the other half float. Stop Loss has been shifted to Protective Stop at 95.60 (100pips).

Will definitely update when this trade is fully closed.

Peace and trade safely everyone...