Home > Uncategorized > USDJPY 5 mins (-7 pips)

USDJPY 5 mins (-7 pips)

Seeing how the USDJPY has obeyed the SMA200, I couldn’t help but deviate a bit. Stop loss above recent swing high, coincides with the thick black line which is a downtrend line drawn on the daily chart. The yen crosses are too volatile for my liking, not really fitting well into my risk management these days. USDJPY will be about fine.. Food for thought, perhaps I could double my stop loss for the JPY crosses and reduce my position by half to ensure risk is still under check.

Subsequent Update

Downtrend looks like its in check. Contemplating going agressive here to possibly cover previous 2 losing trades.

Moved SL down to recent swing high, possibly targeting daily pivot S2 as seen below frm my interceptor screenshot.

20110419-122549.jpg

USDJPY is playing limbo rock.. It has been 5 hours and price is still only 5 pips away from my entry price. Yawnz.

SY (A.k.a. Pipmyride) has pointed out that there’s a bearish pennant/flag forming on the USDJPY.

Here’s what I think he means and this is how I would trade a bearish pennant/flag, if I was not already in position.

Bearish pennant forming on downtrend - Continuation

A lot of coverage on this pair today.. Will be ultra pissed if no pips crystallized in the end.

So… didnt crystalize in the end. -7 pips. Market’s being a spoilt brat this entire week..

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