Spiga

Trade Update - USD/JPY Long CLOSED

Update 04-01-08 11:40am:
That was some quick profit. Just spent an hour for it to hit the target point. I am beginning to like this short term trading strategy.

Total Pips: +200
Total Profit: $195.95

The Trade:

Playing the short term dollar strength, I am going long the USD/JPY pair.

System:
This is based on the Elite system on 15 minute chart. I missed the signal at the beginning, I am trying to get into a trade for small profits when the 3EMA crosses over the 10SMA confirming continuing trend.

Reason:
The Dollar has been on the up trend against the Yen for couple of days now. And its especially showing some strength today. I missed the initial entry, but I am using the Elite system charts to get in for some small pips.

From the chart, the 3 EMA is crossing over the 10 SMA indicating a possible move up again. The 34 CCI is just below 100 and looking to bounce above it again.

Other systems also show that the trend is strong.

Elite (15 min):
A-MACD (4 hour):
OzFX (Daily):
HAS (4 hour):

Rating:
I would rate this trade a 3.5 star. I am not getting in at the beginning of the trend, but rather in the middle or even late. But I am just looking for a quick 20 pip profit and have a 50 pip stop loss.

Entry & Exit:
Lots: 10
Entry (Long): 101.862
Stop Loss: 101.362
TP: 102.062

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