[TW] 08-05-2011 USD/JPY (Long) by manipakyaw


Long or Short: Long
Entry Point: two positions at 78.50 (market)
Stop Loss: 100 pips - 77.50 below 61.8 Fibonacci
Profit Target/s: Initial target 80.00 - ultimate target - 85.00
Reward-to-risk Ratio: first position 1.5:1, 2nd position 6.5:1 - average 4:1
Risk percentage: 1%
Indicators used: None
Trade Rationale:

This is more of a longer term trade. I think with the the bank of japan intervening in the markets yesterday, traders see that they mean business now. The bank will not let usd/jpy continue to fall. Now that the pair has retraced a little bit, I now buy at market 78.50 after a doji formed at the 50.0 Fibonacci.

I think there is high potential for this pair to go back to 80, or even 85. I bought two positions. My first target will be 80, while I hold 2nd positions to see if pair can go back up to 85.00. Stop loss of just 100 pips, past the 61.8 Fibonacci.

Trade Adjustments:

if my first target is hit, I will move stop on 2nd position to entry to protect my profits.

nice trade! i might take this too. i’ll also submit a trade idea of my own. good luck!

Nice…Looks good.

Hi there,

it would be nice to follow up on this idea of USDJPY long position, even now that we have moved further down. Now we have a double bottom at 76.30 and the RSI is still oversold in H1 and H4.
Do you think that it is still a good bet ?

cancelled.possible trend change.give it some time for new setups