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+60 Pips Trading USD/JPY - Trade Walkthrough

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@forexbrokr
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Direct from the desk of Dane Williams.


A quick Saturday morning update of yesterday's USD/JPY short setup.

The slow burner finally delivers, huh. Well somewhat delivered at least.

I'll go over the trade below, but first take a refresher look at the USD/JPY intraday levels in-play, in the chart quoted from yesterday's blog that I've linked to in the opened paragraph.

USD/JPY Hourly:

The larger grey box is obviously the higher time frame resistance zone from the daily chart, while the white box is the intraday short term support that we want to short off when retested as resistance.

Now onto the updated chart.

USD/JPY Hourly Updated:

See why I said somewhat delivered, above?

While price spent all of Asia and London dropping from the zone, as soon as we hit the NY session, price pinged right back up to where we started again.

The intraday zone we were using as an entry is only 20 pips wide and you can see from the above screenshot that price dropped 75 pips from the bottom.

That means that as long as you entered anywhere near the bottom, 1:3 risk:reward was on offer.

Worst case scenario you're back where you started with your trade still open, or you were knocked out at break-even.

Enjoy your weekend!

Best of probabilities to you,

Dane.


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