Remember the horizontal line we draw, the 110.62 resistance level already broke and that's a significant to USDJPY as the market already tells us where it wants to go and we are looking for another retest on 111.65 if we look at 4H or daily chart it is a strong resistance.
I moved a little bit lower the SL since it's only 1 hour before the US market open and I want to be wise to move it little bit because the opening of US market will have a high probability of hitting our stop loss, and it's logical. If the stop loss hit then it's ok time to move to next trade, anyway we manage to break-even, aggressive locking in of profits.
Very informative post this is. Got to learn good technical analysis on USD/JPY here. Traders can improve their returns by learning from the posts like these.
ReplyDeleteepic research