USD/JPY Retracement

May 8, 2008 22:39 by JEB

USD/JPY has established a nice uptrend over the past few weeks, though over the past few days the pair has retraced a bit.  I'd like to go long if price bounces back above today's high, which would indicate to me that it's resuming the uptrend.  Also, this opportunity gives me a logical place for my stop - just below today's low.

  • Order = Buy Limit
  • Limit Price = 104.645
  • Stop Loss = 103.307
  • 1st Profit Target (2/3 of my position) = 105.314 (1/2R)
  • 2nd Profit Target (1/3 of my position) = Let it ride
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Categories: Discretionary Trading
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May 10. 2008 03:04

Hey there,
Caught the link to your blog here on the babypips forum and thought I'd just drop a line to say hello! I too perform the balancing act of having a full-time job while trading forex. It looks like you've it together here in terms of trade management: congratulations on your success thus far and best of luck in your future trades. I'll stop over now and again to see how things are coming along.

Andrewunknown

Andrewunknown

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