Recent USD/JPY Daily Review
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Hello everyone.
Aren't you feeling that the recent USD/JPY market is decent but not great?
In this market condition, it feels like there is a gap between those who trade well and those who do not.
People who are doing well take positions with proper pull-back, while those who aren’t are chasing positions.
USD/JPY daily chart
The yellow □ zone on the far right is the current trading range for USD/JPY.
The price range is narrow and moderately long.
On the far left, about last December, there has been a yellow range zone up to the present.
After 2–3 candles moving in a horizontal line, one should have the insight to doubt a range.
From the current range zone, rather than trying to catch moves from the middle, isn’t it easier to wait at the top and bottom and take a position?
Even if you can’t land a precise reversal price, you can judge roughly by watching the side that this is around the right level.
In such times, it’s better not to go all in at once, but to gradually scale in and use averaging down as a trading method.
If you can trade 100k units in one trade, think of doing 30k units in three trades.
It is 17:45 now, and USD/JPY is heading down toward around 146.75 as a Tokyo low.
It’s proceeding step by step, so it doesn’t come all at once, but if it reaches that point and starts to decline, I would be willing to do one long trade with averaging in.
Also, for those who use unusual long and short positions, taking an L position there is an option.
I plan this kind of strategy and wait for it to reach that level, but if it doesn’t, I’ll give up for now and wait for the night.
Today is Friday, and London starts are not very impressive, so if it doesn’t come, there’s also the option of doing nothing.
If you confirm somewhere that the daily range is long, ideally you would like to pull it back on a daily basis and time it on a 1-minute chart.
What I, as a trader, recommend are the following three products.
New Millionaire Trader Scalping: Volume Plus
FX Trading: Unusual Long and Short Positions
Explosive Indicator: Turning into a Winning Trader
There it is.
Thank you for your continued support today as well.
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