USDJPY - Follow on setup from previous setup completion

21 thg 8, 2014

Following my previous trade setup I've now got a new long setup (albiet on 5min chart) showing continuation to the long side to target T2. Its common for me to get the new setup formation at the time the previous setup completes. (Even though a new setup is ready it still needs a breakout of my defined levels to provide direction). As often is the case with sharp move I would expect some sideways consolidation for a while (that's why I designed my set and forget strategy!!). My only rule is stay in trade regardless until Target or Stop is hit. In this case I have a smaller setup (I only use these setup types by the way) going short to 103.47 area within the bigger setup so I'll be waiting for the lower entry point. Typically though I'd already be in and watching price head against me first :-)