davidleekuanyong
Long

USDJPY trend reversal to uptrend?

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             daily price action showing signs of potential uptrend. However I will not buy at current market price because I want to avoid myself from entering too high and get stopped out too soon.

I also realized that smart monies regularly set up over-extension or huge momentum candles to lure impatient traders come in, based on my experience & other professional traders commentaries.

Hence I will be looking to long USDJPY             when it comes down to 111.5 zone first and then had a few pips of rebound.

My stop loss will be 111.3. I will gradually trail my stops if market breaks the highlighted resistance zones.

This is not a buy/sell call. Do confirm with your own trading plan. Happy trading everyone.
Order cancelled: market went down to 111.5 zone but did not staged a rebound for an entry long. Trade closed. Will continue to monitor this pair for potential trade setups.
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