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Trade Out Loud’s Favorite Trade this Week

TradingPub Admin | August 21, 2013

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TradeOutLoud's favorite trade of the week for the week of August 19, 2013

USD/JPY . Short term short bias.

Slowly and steadily the USD/JPY currency pair has been coming in since it has market the high of 103.72 back on May 2013.

Our game plan this week is to watch the 4 hour chart support at 97.00 area be tested. As of yet there are no clear parameters as to where a protective stop can be placed, the areas that we are watching area 98.60 -97.80 price levels. So we are looking for a sell signal under 97.00 (resistance) and fill in a tradable void into 95.80 for profits. We are looking for a risk not larger than 50-80 pips.

USDJPY (2)

Trade Levels for USD/JPY short position:

Entry : 97.00

Stop 1: 97.80 (AREA) let it pivot before placing a hard stop

Risk 1: 80 pips

Target 1 : 96.50 (50 pips)

Target 2: 96.00 (100 pips)

Target 3: 95.80 (120 pips)

Watch our video analysis below:

* Note: for entries we watch the price action at the time of the trigger and we always enter a couple of pips above the entry price for the triggers in longs and a couple of pips below for shorts and the same for stops.

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Anka Metcalf
www.TradeOutLoud.com