Today’s trading idea:
After the last trading idea, I am getting one after another too many trading ideas. The last trade as you remember was a short GBP/USD, which I have closed just above 1.5050. I did not like what I saw on the shorter-term time frames and decided to add to my long DAX position. As it appears, this was the right thing to do, but anyway even if you haven’t done this, you would be in a nice profit. DAX is breaking new highs with every session and now is very close to our final target. It still does not show any signs for taking profit, so I will let my long positions run.
Today’s trading idea is coming from the FX field. I am looking at the USD/JPY pair. There was a long signal a few sessions ago, which would not have been stopped out if you let it run. Today, I do see another trading idea, which confirms my bullish view. There is a bullish engulfing pattern that formed on the daily time frame. There were a few bearish rejections in the past few sessions, which did only confirm my initial bullish view. Now I will be looking for a good entry.
The entry parameters for this trading idea are as follows:
Long at 118.40. The stop for this trade should be placed just under 117.20. The first target for this trading idea is at 119.50. Then, the second target is the level of 120.00 and then final target 122.00.