USDJPY 110.000 acts as a strong support level.
110.000 has present itself as a sentimental support level. Price has a good rebound, and I would love to position long setups. However, as a professional trader, the correct step to take is to wait for retracement, and buy at a lower price. Don't chase the price now. Why buy now when you can buy cheaper, right?
How to know when is the right time to go in? Look for reversal patterns in the higher time frame. Pin bars, Inside bar breakouts. A price entry at a 50% retracement of the recent up leg will be ideal. (110.643)
My stop loss will be small, just below the reversal candle. And I aim to enter 2 lots. One targeting 1:2 risk reward ratio, and another one I aspire to hold for a long term.
You can see that I am imagining the outcomes of this trade. The trading opportunity will not present itself until the time comes. Am doing a mind exercise warm up to prepare for this trade.
How to know when is the right time to go in? Look for reversal patterns in the higher time frame. Pin bars, Inside bar breakouts. A price entry at a 50% retracement of the recent up leg will be ideal. (110.643)
My stop loss will be small, just below the reversal candle. And I aim to enter 2 lots. One targeting 1:2 risk reward ratio, and another one I aspire to hold for a long term.
You can see that I am imagining the outcomes of this trade. The trading opportunity will not present itself until the time comes. Am doing a mind exercise warm up to prepare for this trade.
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