USDJPY – forex trading – 18th March 09
I had placed a short for the USDJPY Forex pair two evenings ago at 98.24 with a stop at 99.16 and a target of 96.74. The 4 hour charts look as though they had run out of momentum on the uptrend which corresponded to similar looking peaks the over the past few weeks. My stop was place in light of the recent peak around the 9th of March and the target was a level where there was support found on the 6th March. There was not much movement for a day or so and when the market moved upwards, I was expecting the price action to hit my stop. The price action did get within 16 pips of my stop but then over the course of today, it fell and hit my target.. and beyond. I got out and made 150 pips! Hoorah.
The interesting point to note that in the daily chart, the price action had hit the 200 day MA…
