When we trade currencies, there is lot of people and banks watching daily activity not for entry purpose, but in order to absorb supply and put in orders and that is known as natural behavior as no-one knows what price will do.! Price spent most of the time above accumulation breakout area and then holding higher prices in U.s session yesterday and that was one the cards that down movement will be bought if it happens immediately in the first session.
Little update from usd/jpy longs,momentum was here but Now we have to cover the position because momentum is really fading out and loosing steam.
Have a look at the chart below. !!
Now price has got momentum and confirmation candle which is also strong, so I will prefer enter this type of scenarios which have logic and suits a trading style which tell you to cover quickly if momentum fades out, rather than setting predetermined stop levels.
Time to update usd/jpy daily activity after covering you can close the trade now with good 40 pips profit were risk was only 5 to 10 pips because you can't risk more than
that when you decide to cover !!
