Another Fade Trade. USDJPY Long

  • Posted on: 11 June 2015
  • By: strategist

Hello to all aspiring traders!

On Jun 10 2015 during the Asian session very positive news came out of South Korea in addition to other favorable events for the Asian economies. That caused USDJPY to plummet reaching levels of May's open price (previous month's open price) of around 122.64.

For almost 8 hours (8 bars on the daily chart) the price was going nowhere meandering in a tight range. I observed a similar pattern (but in the opposite direction) for AUDUSD. However, it was the beginning of the Australian session and there were significant news coming out of New Zealand so I refrained from taking that trade (it would have been a winner). There was however a bit of a movement north with USDJPY so I, confident that after such a plummet and at such an important support level and seeing the congestion pattern, took an immediate long. I normally would have placed a pending order but the technicals were very strong. I placed my stop loss a few pips below previous month's open and the take profit near (4 pips below) the previous point of reversal or resistance level (123.18).

I woke up to a 20-pip win. There was hardly any draw-down with the order either. It went straight to profit and hit my take profit level after about 2-3 hours.

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Thank you and green pips to all of you!