UPDATE #1:TRADE: USDJPY: SELL@121.632 TP1 Hit (+118 pips)

The TP1 on this trade has been hit. This TP1 is for the crab pattern as well as the TP2. In my post about this trade, I had said that I am VERY BEARISH on this pair and that I am expecting a MUCH larger downtrend to be developing. This crab is only a part of that downtrend.

However, I am still going to be somewhat cautious and will take some profit off this trade by closing 50% of my positions and letting the other half ride down. If there is a retracemernt in this pair, I will be looking to add SHORT positions upon that retrace.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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