Have a plan and stick to it

November 28, 2005 by Trader Rich

I had a plan last night and I stuck to it. According to the 34 EMA, the USD/JPY was trending up so I was looking for a swing trade. The Yen did bounce off the resistance line and I entered a 1 short position at 119.48 (currently up 55 pips). I opened another position when the pair declined to 119.20 (currently up 28 pips)

From my studies last night, my first profit target is 118.76 which the pair is approaching. It currently trades at 118.87. If it breaches this level, I’ll look for the pair to retrace to the 38.2% fibonacci level at 117.32.

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