USDJPY was with in the channels for some time broken around 2 days ago and following a downtrend. Yesterday it was oscillatiing at some point for some time in the asian timezone. But when the London market started a long bearish candlestick formed breaking the oscillation again. There I entered a short trade. It went down further and so far the profit is around 50. I would like to leave the trade as it is by moving my stoploss below my entry point. The following is the chart.
USDJPY Short Trade:
USDJPY short trade entered when strong bearish candlestick formed after the London market started
The USDJPY short trade I entered last night has got almost 100 pips profit. I am closing the trade now.
I am not sure to close the trade or not as in the daily chart for USDJPY it is showing a very good down trend with breaking of the bollinger bands. What do you guys suggest?
I am not closing this trade. Instead I am moving the stoploss below the trade entry and leaving it as in the daily chart it broke a resistance line.
The trade I opened for USDJPY trade is currently in 200 pips profit. I entered the trade looking at the hourly graph when a strong bearish candlestick is formed and after that day a stong bearish candlestick is formed breaking the resistance line. I was in a state whether to close the trade with 100 pips profit or not but since the resistance line is broken in daily chart I moved the stoploss below the trade entry and left the trade as it is with out closing it. Today it went further down and now it is in 200 pips profit. I am still not closing it but leaving the trade as it is, as I already moved my stop loss below my entry. The following are the hourly and daily charts of USDJPY.
USDJPY hourly chart:
USDJPY Daily Chart:
USDJPY is currently in 300 profits.
USDJPY hourly chart:
USDJPY Daily Chart:
I am closing the trade with a profit of around 160 pips as in the daily graph it is forming a candlestick with a long tail and a small tail which is generally a signal for trend reversals. More over it formed outside the bollinger bands. So I am closing this. The following is the graph.