USD JPY Forex Trade Setup 12/14

[FxCatty]

USD JPY Forex Trade Setup 12/14

Yesterday I posted my analysis regarding the USDJPY Daily Forex
chart. In it I mentioned the pair in a channel and we were close to
the higher side of the channel, so if received a short signal I would
target the lower trend line. After todays price action the daily
closed giving a sell signal with the trade system I use. So I figured
I would share that on the journal.

http://trading-system-strategies.com/wp-content/uploads/2009/12/usdjpydaily1214.gif

The conservative entry for this trading strategy would be to Enter
short on a break below yesterday’s close. Aggressive entry would be
right now. So how about a stop loss? Well I’d place a stop around
90.00 even. I would not ‘WAIT’ until the top of channel was touched
only because I think if 90 even is broke that it will easily move the
other 40+ pips to top of channel. So why bother adding the extra
risk?

For a forex price target I would take profit on 1 position at 1:1 risk
ration and let the other run trying to target the bottom of this
channel.