"Trade Share" is sharing of my trades once in a while.
For this one is a trade I did today around afternoon Singapore Time. I have been eyeing USD/JPY for the longest time this year and most of my trades this year are with the JPY pair.
This trade done today, 1st April 2011, was on the USD/JPY. On the 15min chart, after the break-out from the channel on the 31st March 2011, I went to sleep. On 1st April 2011, the movements was restricted at the R1 of pivot point and Fibo Retracement was applied. Looking at price action, under Daily chart, price broke above 200ma and USD's NFP data going to be released at a later timing, waited for price to touch 23.6% Fibo. Waited to see if the bounce will be sustained in the next candle period, knowing this will cause me to be late (**Who cares!?!?). Price action managed to sustain.
At 2:31pm (Singapore Time), went in a long position with the USD/JPY at priceline of 83.52. Target profit placed near to R3 of pivot point, 84.55 and stop loss at 30pips below entry price, 83.22. Then went on with usual things of life but kept close watch to the trade, thanx to Android Tablet ;)
Price action was healthy couple of hours before USD's NFP release. Once the data was released, price was in my favour and decided to hold it till my target profit is hit. Target profit was indeed hit at 9:45pm (Singapore Time) with 102.6pips in the pocket.
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