This morning I got a signal for the currency pair USDJPY, which I took for 50 pips profit. Here was the signal…
Here is the chart set up for the trade…
Let’s go over a little about how the trade progressed.
The intersection of the Dotted Blue Line and the Red Vertical Line is where I entered the trade.
The Dotted Red Line is the Stop Loss.
The first two Red Lines are very important areas. When it reaches the first line, I moved the stop loss up to only 15 pips of risk. When the second red line was hit, I moved the stop loss up to break even. Now I was in a No Risk trade.
The price moved up to take out the third price target… and then the next.
At this point I decided I was in the trade long enough and figured the momentum of the trade was lost. So I exited with 50 pips of profit!
As you can see, the price started to fall without reaching the forth and fifth price targets. However, this might just be a replacement and the price could go higher to take out the next price targets. The truth is, I’m not going to spend any time or energy to figure out if I could have made more on this trade. I’m happy with 50 pips profit.
With so many great trade set ups being sent by Tom, I’m looking forward to moving on to the next trade.
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Clarification: Today there were a lot of trades I could have gotten into, but since I’m still pretty new to Strignano’s Signal Service, I only took the one. As I get better at it, I plan to take multiple trades at a time.
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