Looking at my SilverTrader software indicator (available from this site) there is an interesting possible trade on USDJPY. It’s bounced bearish off this point before and could be turning down. I’m only using an order so it might not happen, but if it does could be some great profits!
So there is some YEN news tonight 23:50, USDJPY has been in a bullish mood but has hit a strong resistance point. I don’t like trading against the trend but to be honest, if this has turned into a ranging trade, 120 pips. I think so for a 11pip risk!
I’m looking to go short.
SELL STOP Order
STOP LOSS 103.186
TAKE PROFIT 101.689!!!
Update – on further examination I have added a second SELL (well this is first) Higher.
The orders are shown there basically i’m looking for a bearish break down so i’ll have one lot on with a 17 pip trailing stop that should go down and pick up the second lot down to the target also with a 17 pip trailing stop.
That’s the plan anyway.