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Daily Archives: January 24th, 2017

I decided to Long USDJPY at 112.90 with a SL at 112.70.

When USDJPY reached 113.35, I squared half the position for a trading profit of 45yen.

Later on when US opened, the USDJPY just didn’t seem to have any more steam and just when I almost decided to square the position at 112.93, it rebounded and I squared the position at 113.31 for a trading profit of 41yen.

What luck!

Looking at the 4H chart, I couldn’t really see any clarity in the situation of USDJPY, don’t know whether to Long or Short.

However, go to the 15M chart, then, all of a sudden clarity comes into the picture.  The spot rate cut above the 50MA at 112.87.

I was out for lunch so couldn’t really do anything, however, I decided to put in a Long, Stop If Bid at 112.90 with SL at 112.70.

As it turned out, my trade was triggered and I am now Long USDJPY at 112.90.  Current spot is at 113.28.  Let’s follow the spot position and see what happens.

Cheers to all.