Wednesday, December 3, 2014

3 Dec 2014: USDJPY daytrade #2

This trade took place shortly after I closed my previous short.

I went long off a support level at 119.300. This was the previous day's high, and was located near the 50% retracement level of the most recent bullish swing. H4 and H1 momentum were both bullish so I felt pretty confident with this trade.

I was actually expecting price to fall lower, which is why I didn't trade the first few bullish 'confirmation' candles. It was only once price ranged for awhile did I accept that price wasn't falling further. 

I went long with a tight stop loss after seeing another bullish candle form, and took profit at 1.75R. I honestly feel that there's alot more potential for this trade as yesterday's high has already been broken today, leaving nothing but air at the higher price levels. However, the first three hours of the Tokyo session were coming to an end, and volatility usually drops after this time.

(click to enlarge)

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.