June 20-24, 2016 – FX Trading Plan for Yen Pairs

Last Thursday night, we mentioned in Faceless Trader Ground Zero facebook group that there was a strong reversal that called for all the bears to cover their shorts.

$SPX500 staged a fierce rebound such as V reversal from 2050 to 2070 and we closed all shorts and went long oil as well.  It bounced from 46 and is currently at 48.80;  I need to just hold on to my trades longer.  I keep taking small gains!  It’s a wrong habit! Even if it’s a gain, I need to hold longer and trail.

spx risk on.png

The oil rally coincided with the very strong reversal in SPX500.  The sentiment really shifted into risk on mode last Thursday evening 😀

oil rallyNevertheless, The good thing is we have a trading setup.  Let’s look at USDJPY 😀

I went long as well last Friday, and closed all positions for the weekend.  Day trade lang kasi iniisip ko pero maganda risk reward nitong usdjpy ngayon.

Look at Weekly pattern.

weekly range.png

usdjpy daily.png

I love trading gaps.  This is a nice confirmation of strength on the gap up and will go long on the gap fill residing between 104-104.33

gap en.png

We enter some daily longs.

104.30 preferred entry though if within one hour I don’t get hit, I’ll move it to 104.50; doesn’t matter since risk reward pay off is nice.

My stop loss at 103.5 (the 886 fibo identified on weekly and the fibo extension on the daily -I didn’t draw it here but its a 1.382 extension to the downside move which I believe is an exhaustion.)

If I get really lucky this week, I’ll modify my reward from 106.50 to a higher Target Price. 😀

See you guys!

enter daily long.png

  • Faceless Trader

To consistent trading!


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