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.
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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