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:
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.