USD/JPY Daily
Long
Long or Short: Long
Entry point: 76.75 (market) and at 76.50 support
Stop loss: 75.75 (100 pips away from my first entry and 75 pips away from my possible second entry)
Risk percentage: I risked 0.75% on my market entry and I’m risking an additional 0.25% on my second entry for a total of 1% risk. If my second entry doesn’t get triggered, I’m just risking 0.75%.
Trade rationale: There has been strong support at 76.50 and it seems that it’s gonna hold because traders are still uneasy about buying more JPY (BOJ intervention still possible?). When that doji formed right on the support area, I jumped in a long trade on the next daily candle.
I set my stop below the 76.00 major psychological level and my profit target at the nearest resistance level, which seems to be at 75.75. I will lock in half my profits there, move my stop to entry, and leave the rest open aiming for the next resistance at 79.25.
Trade adjustments: None.