Super Forex Launcher Signals USDJPY – 10th May 2019 (Updated with New Entry)
This is an update to our trade idea yesterday on USDJPY. The Buy Stop Order was not triggered and we will just cancel the order and replace with a new Buy Stop Order. Below is the new adjustment for this trade idea in USDJPY. This trade signal is based on the Super Forex Launcher System.
- Buy Stop Order: 109.981
- Stop Loss: 109.522
- Take Profit: 110.413
Reversal trading is trading against the trend and can be highly lucrative when the timing is right. It’s highly important that we set Stop orders because we want to see the Bulls take charge before we even commit to any position.
USDJPY has been heading south for past few days with JPY getting stronger after their golden week. On the H4 chart, the pair gap down and continues to show bearish strength for the past week. Our Super Forex Launcher Indicator has picked up that the USDJPY pair is perhaps slowing down and is now consolidating. The price has reached our dynamic support and a reversal BUY signal has been generated by the Super Forex Launcher Indicator.
Now although we have a Buy signal, it does not mean we jump in buying blindly. This is a reversal play and it’s always smart to wait to see some strength. We will enter into a Buy Stop order and wait for the Bull to step in before we commit ourselves to a Long position.
- Buy Stop Order: 110.110
- Stop Loss: 109.862
- Take Profit: 110.835
The nice thing with reversal strategy is that Risk Reward ratio is always attractive. In this case, we have a nice Risk to Reward Ratio of 1:3. For now, we can only wait for the Bulls to step in. If the Bears remain in control and continue to dominate USDJPY, it’s actually alright because we are not even in position. Comment below and let us know of your result.
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