Long EURJPY and long USDJPY

16.44 bst

The Yen pairs have broken out of their ranges and generated a long signal for me. Ideally I should wait for a retracement, but one cannot tell at the moment when the retracement will come and how deep or shallow it may go. Hence just take the trade and cover the potential retracement by setting an appropriate stop level.

Long $20/pip EURJPY at 132.61, SL at 131.60.

Long $30/pip USDJPY at 102.25, SL at 101.40.

Advertisements

2 thoughts on “Long EURJPY and long USDJPY

  1. Jared

    you have enormous stop losses and horrible entry points driven by emotion. tomorrow’s a big day. keep in mind may 22 is a big day for yen pairs. wish you well.

    Like

    Reply
    1. ZenFXTrader

      Thanks for your comments Jared. In UJ I had planned entries at 101 / 100.80 but the price broke previous high before retracing lower. Same in EJ. I know entering after a break often looks like momentum chasing and it does require large stops, but it provides clear entry points, clear risk definition, even if the SL sometimes are very wide. The yen entries were not driven by emotion but due to break of last week’s highs. The recent trades in cable and EU have been somewhat emotion driven.

      Like

      Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s