The USDJPY pair is tracing a strong long term reversal in my opinion, and here we have an opportunity to join the trend with minimal risk. You can go long at market, using the long term stops on chart, close to 101.2, or, take a buy stop order at 104.703 (good for the day), speculating that Kuroda's speech will take care of triggering this daily uptrend, with stop at 103.789. Targets are on chart, good luck if you follow me on this trade.
Cheers,
Ivan Labrie.
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You can close part of the position and move stops to 103.362
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We can reenter a 1/2 long position here, give it breathing room under today's low.
Hi, what do you mean? It's a proprietary trading strategy.
OrangeTrader93
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Ive never seen a chart like this.
IvanLabrie
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Yes, because only my mentor and me use this method. (@timwest here)
Did you see my old forecast from a year ago?
OrangeTrader93
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Wow. Very accurate analysis.
OrangeTrader93
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Im interested in how this was forecasted with such confidence.
IvanLabrie
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Thanks. You can read the follow up posts on it, have been shorting every rally in it for a while now, and flipping to buying every dip and breakout now.
It's a proprietary trading strategy, and a general method to analyze using fundamental and technical elements.
We're waiting for a breakout now, in the daily, since the weekly trend already is up. The monthly will turn up again in a month or two.
OrangeTrader93
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Ive been holding a long position on UJ for about a month now and Im expecting it to push to around 105.3 before making a retracement to 102.1 and then continuing the bull trend.
IvanLabrie
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That would be a big retracement, hard to say, but unlikely. You can hold your longs for sure, just keep size correct. For long term positions, risk 1-3% of your account, with a stop at 101.2, not more.
You can spread your buys throughout a few days or a month, until it takes off too.