Buy posted to TAP at 8:59am ET buy USDJPY at 83.99 small size. It’s no secret that this pair is reaching 15 year lows. Now looking for potential reversal points. 1.236 fib extention at 83.90 is a good begining point for potential reversals. When looking for a reversal point like this, use smaller size than normal because you could take some hits before the actual reversal takes place.
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Hi Ross,
I had entered the trade just seconds before getting your call and whilst I am not very experienced it really gives me confidence to know that a Pro was of a like mind. I know you are intraday and the stop took you out. I’m of ‘no definition’ as yet and trade with various time scales. So my stop didn’t knock me out but I did close it at 0 when it bounced a tad. However, I have since got back in as although there’s no such things as ‘it can’t go any lower’ the probability of it at least bouncing me into profit is very high and I can stick at it for days/weeks if necessary. Keep up the good work and see u in the room!
P.S. – made 9 pips on Dustin’s News release (CAD) today which was not bad going given how stretched it was leading up to it!
Cheers, Bev