Going long on USDJPY
1. Price pinned the 50ema
2. Bullish engulfing candle pattern completed
My stop is a tad below the moving average at 110.110 and
take profit below resistance at 111.042
This set up is purely based on doing buys if price is above the 200ema using it as a trend filter and then the 50ema for entries targeting previous highs.
This trade has a risk to reward ratio of 1:2
Don't bet the farm and always exercise healthy risk management :)
1. Price pinned the 50ema
2. Bullish engulfing candle pattern completed
My stop is a tad below the moving average at 110.110 and
take profit below resistance at 111.042
This set up is purely based on doing buys if price is above the 200ema using it as a trend filter and then the 50ema for entries targeting previous highs.
This trade has a risk to reward ratio of 1:2
Don't bet the farm and always exercise healthy risk management :)
Comment:
Sl moved to break even