We will look at a few currencies today, talking about our open and closed positions. At the moment, we are long EURNZD and EURAUD while shorting XAUUSD. Our USDJPY has been closed with +67pips.
For today's trade session, we closed euraud position at a profit of 180pips. At the same time, we have ongoing positions on CADJPY and EURNZD. We just added USDJPY to our portfolio too.
Wen went long USDJPY, with the possibility of USDJPY currently in its 5th wave. Price broke above short term downward trend line and closed above the high of yesterday, bullish candlestick pattern was also detected. We went long at 123.54, stop loss 123.27 and take profit 124.45.
30mins USDJPY broke above short term downward trend line and slightly making higher high. USDJPY is seemingly making 5th wave. Hence, i went long USDJPY at 123.61. However, position got stopped out.
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I went long USDJPY at 125.53, with stop loss 125.23, take profit 126.5 and risk reward at 3.5. I was interested with this flag pattern since last Friday and have been waiting for flag breakout. Just minutes ago, i observed flag breakout, hence that justified a long.
However, minutes later, it went against my position. As a lesson learn, i may wait for higher higher and higher low candle formation before entering long position, this is to prevent fake breakout signal.
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