Weekly Refresher(VIII):不忘初心 方得始終
#USD/JPY# #mytradingstory# Have got very lucky bets in this week for 2 very heavy ones: GBPJPY & USDJPY shorts, it’s apparently counter trend & extremely high risk trades, expecting a broad USD correction so quitted pound yen positions in time and established dollar yen instead, miscellaneous reasons:
1. Suspected top in H2-4 time frame;
2. Important daily resistance level
3. Very tight stop loss level
4. Very high reward/risk ratio
I strongly recommend you that never try any bets just based on their price level, you must do it together with at least two rational factors/reasons in different dimensions to support your actions and try to improve your success rate.
USDJPY trades are based on daily chart, so I will expect a very large move & enormous profit potential, I will hold them for some time despite the high swap costs.
Maybe it’s just a correction wave so I will also consider squeezing all USD short positions @93.60s.
Edited 03 Oct 2021, 09:22
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