Pending Long on USDJPY:
Entry - 135.125
SL - 134.375 (75 pips)
Final TP - 140.25 (512.5 pips)
Reason for the trade:
1. Key level of 135.16 (monthly)
2. Recent bullish trend, now forming a solid pullback
3. 200EMA daily lining up as support
Looking at a nice 6.8R for final target area, but would look to close 25% at 50 pips, another 25% at 100 pips (moving SL to BE) and the will see how things look if a counter trend trade is on, or if to hold to target.
Entry - 135.125
SL - 134.375 (75 pips)
Final TP - 140.25 (512.5 pips)
Reason for the trade:
1. Key level of 135.16 (monthly)
2. Recent bullish trend, now forming a solid pullback
3. 200EMA daily lining up as support
Looking at a nice 6.8R for final target area, but would look to close 25% at 50 pips, another 25% at 100 pips (moving SL to BE) and the will see how things look if a counter trend trade is on, or if to hold to target.
Trade closed: stop reached:
SL hit for -0.5%
Comment:
Trade was entered too early/not a wide enough SL, would now be running 150 pips in profit