Resuming our blog with a give away..
Strong Demand level at USDJPY (4 Hour timeframe)
We highlighted this demand level immediately after the sharp upward movement on 14th Feb because it preceded with a nice sideways movement.These kinda forex supply and demand levels make us lick our lips. Click To Tweet
We’ll track this trade here on the blog so all our visitors can ride the wave.
[Note: This isn’t an alpha trade. So we will advise limiting your risk by reducing lot size. We are risking 2% in this case as opposed to usual 5%]Buy USDJPY at highlighted demand level. 113.460 Click To Tweet
Stop loss should be 30 pips, at the other side of our demand level. Somewhere around 113.158. Take profit should be 60 pips.
[update February 17th, 2017]
We hit our stop loss. Loss of 30 pips. What a shame!
But a lesson learned. Let’s look closely…
The identified level wasn’t that good after all. There was a sharp upward movement after sideways. But that upward momentum didn’t continue and we saw choppy area following that big bar. The area that we overlooked. So, a lesson learned.
But we will be sharing another demand level on the same pair, same timeframe…but an Alpha setup. That trade opportunity should make up more than what we lost here. So keep an eye on our blog.
Three steps forward, One step back.