Good day traders!
Trade update on 12th Oct 2010:
Trade closed at 82.3 for 40 pips gain. (Decided to exit trade due to reasons related to price momentum. Weak upside Momentum in the correction )
USD/JPY Trade Taken, Long Trade at 81.9, 11th Oct 2010 8.05am
The chart shows a setup for a long trading opportunity. I see that the price have touched the lower down trend line and there is a possibility for a correction up. Also, the candlestick with the long shadow tells me that there is quite a support at 81.4 to 81.8 levels.
I have taken a trade at 81.9 and targeting 83 (110 pips). Stop loss is just below the long shadow candle at 81.2. (70 pips).
Wishing you success to your trading!