USD/JPY, 1-hour
Long or Short: Long on the upside break, Short if breakdown
Entry Point: 81.15 for short, 81.45 for long
Stop Loss: 20 pips away from entry
Profit Target/s: 80.80 if short, 82.00 if long
Reward-to-risk Ratio: 1.75:1 if short, 2.75 if long
Risk percentage: 0.5% only (day trade)
Indicators used: None
Trade Rationale:
- Price is consolidating
- I expect USD/JPY to break out of its consolidation on the release of the non-farm payrolls
- This is a trade with that relies on MOMENTUM. I will simply “go with the flow” after the release of the NFP
Trade Adjustments:
I will close at the end of the week. I won’t keep it open over the weekend.