USD/JPY Short Hits Take Profit Target at 1:3

in LeoFinance3 years ago

Direct from the desk of Dane Williams.



Hey team,

I know my forex trading blogs don't milk the rewards pool as well as if I just wrote about Cub Finance...

But as we're an actual trading community, here I am back anyway with a third blog in my latest USD/JPY trade walkthrough series.

From when USD/JPY was testing daily resistance and back in play, through to when the pair printed some lacklustre price action and gave us an opportunity to short.

This has been a trade that has developed right in front of our eyes and shared on the blog from start to finish.

And with that latest push down, my short has hit its take profit target at 1:3 risk:reward.

Take a look at the updated USD/JPY 4 hourly chart below.

USD/JPY 4 Hourly Updated:
USD/JPY 4 Hourly Updated

I've been pretty stoked with the engagement that I've been getting in the comments lately, so keep sharing your charts and opinions and I'll keep upvoting them.

To wrap up and summarise this trade, the setup as always follows my simple forex support/resistance trading strategy.

With price capped by daily resistance (grey), I was only looking to play USD/JPY from the short side.

As daily resistance held, I identified the last area of short term support (blue) that when retested as resistance, was used to get short.

This intraday zone also allows us to keep our stops tight and manage our risk for a 1:3 trade as you can see on the chart above.

The setups are always the same, just find your levels and trade in the direction that the market tells you to.

Now I've made some money in the markets this week, I'll be spruiking Cub Finance for some upvotes tomorrow.

Lulz.

Best of probabilities to you,

Dane.



FOREX BROKR | LeoFinance Blog
Daily market analysis.

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Excelente trade!. Soportes y resistencias es una de las tecnicas de analisis mas simples de entender y mas efectivas al momento de realizar analisis tecnico.
LLegaste a cerrar la posicion en corto o aun la tienes abierta?. Esa entrada que realizastes tiene una probabilidad de mayor recorrido, hasta la zona de los 107$.

Excellent trade !. Supports and resistance is one of the simplest to understand and most effective analysis techniques when performing technical analysis.
Did you close the position short or do you still have it open? That entry you made has a greater probability to go up to the $ 107 area.

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I have closed my position and am flat right now.

While I'm sure you're right and there's probably more in it, this is my process and something I stick to.

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Now I've made some money in the markets this week, I'll be spruiking Cub Finance for some upvotes tomorrow.

Congratulations.

My week has been good too

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Great to hear.

What've you been trading? :)

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I have invested. Buying coins with low values ​​that can make a good profit in the near future. But they are just a bet, but this week has already paid off. But I will continue to hold.

One of the main ones is Harmony (ONE). Then, read about it. It's interesting.

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Congratulations for that great trade colleague 👏👏.

I'm still waiting for a break of 108 support, to sell down to 105:

image.png
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But let's see what the price does in the next few days. The market always does whatever it wants hahaha.

By the way if you are interested in gold, you should take a look at it mate. There is a pretty good possible sell trade that you might be interested in. I have left an analysis in my profile.

Best regards my friend! 👋

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I'm sure there's probably more in it, but this is my process :)

As for gold, trading commodities frustrates the hell out of me. I've messed up the position sizing too many times, so I actually don't even have gold on my watchlist anymore.

From a technical point of view your analysis looks on point though. I just can't take it.

I gave a vote to your Bitcoin analysis instead ;)

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I understand you perfectly buddy. Gold is sometimes frustrating hahaha.

Thanks for stopping by my bitcoin analysis and supporting me. Best regards! 👋

Ya we discussed this yesterday
Now I think It is going down in short and long term

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You're probably right that there's more in it, but I'm just following my process :)

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