Jai30
Long

USDJPY Long Opportunity

FX:USDJPY   U.S. Dollar / Japanese Yen
This trade I entered on the 22:00 open on the 10th February 2019. I entered this trade aggressively without a 4H closure. The reason for this trade was due to the lower wicks on the 4H timeframe from the consolidation zone between 109.600 and 110.000. I entered this trade due to the MA and EMA cross over, along with a strong closure on the lower time frames after the market opened. Ideally I should have waited for a close and bullish confirmation above 110.000. I entered this trade at 109.841 and placed my SL 20 pips below. Take profit just below the next key level at 111.500. If this plays out then it will be a 160pip profit or so. A solid R:R too. Trade is currently running in profit.

I will run over in depth my reasons for taking this trade. As mentioned above, numerous lower wicks on the 4H suggesting a bullish move, consolidation zone between 109.600 and 110.000 and after the previous bullish move from the beginning of January, I was anticipating a strong bullish move and seen the consolidation zone and the lower wicks rejecting 109.600 as a bullish move about to occur. Lower time frame all aligned with the same theory and provided confluence to believe a bullish move was about to occur and at the time of writing it is currently at a 40pip profit. 1/4 of the way to the TP. Closure above 110.300 on the 4H and I will move my SL to break even.
Trade active: Currently in around 65 pip profit. Price is stalling at the psychological level of 110.500. Price action on the 1H and 30M time frames show confluence for the price to continue bullish. SL moved to ensure a profit is still made however I will be sitting tight and holding this pair unless price action shows me a reason to close manually.
Trade closed manually: Closed this manually as 111.000 as I was not happy with the price action at this level and it gave me no confluence as to the initial end target of 111.500 being hit. Closed with over 100 pip profit! New entry coming.
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