USDJPY did not make any major movement in Week 8, contrary to our analysis made in Week 7. While it did not make big upwards move, it seems to have tried making failed downward price pattern.
I did not follow my own trading plan and decided to trade with a longer term perspective, which lead to a issue I faced. It caused me about 5% losses to my overall equity in my managed fund and about 9 false trade to my signal followers, and yes I am mad. But it is ok, I will re focus back to what works in Week 9 again.
The failed attempt is most visible on Friday, when a double bottom was spotted, and it only make about 30 pips down, and it came back up again and close the week and Friday higher.
It is suggesting a strong bullish power still maintaining in the trend and with no big movement, we can expect Week 9 to have some explosive move through the week.
I am in the view that USDJPY will continue its bullish move with one or two explosive upward movement of 50 to 100 pips next week. I am comfortable to trade USDJPY next week, so prolly I will be entering smaller long position in Week 9 when the market opens.
I hope all traders to continue with a profitable Week 9 ahead. Please share your thoughts below, like and follow me for my weekly analysis on EURUSD, GBPUSD, USDJPY and UISDCHF!
I did not follow my own trading plan and decided to trade with a longer term perspective, which lead to a issue I faced. It caused me about 5% losses to my overall equity in my managed fund and about 9 false trade to my signal followers, and yes I am mad. But it is ok, I will re focus back to what works in Week 9 again.
The failed attempt is most visible on Friday, when a double bottom was spotted, and it only make about 30 pips down, and it came back up again and close the week and Friday higher.
It is suggesting a strong bullish power still maintaining in the trend and with no big movement, we can expect Week 9 to have some explosive move through the week.
I am in the view that USDJPY will continue its bullish move with one or two explosive upward movement of 50 to 100 pips next week. I am comfortable to trade USDJPY next week, so prolly I will be entering smaller long position in Week 9 when the market opens.
I hope all traders to continue with a profitable Week 9 ahead. Please share your thoughts below, like and follow me for my weekly analysis on EURUSD, GBPUSD, USDJPY and UISDCHF!
