Confirmation

So I am long EUR/JPY.  I started to doubt that, but after some study and charting (yes, by hand), I picked out a few reasons why.  See the charts below first.

They should progress from Weekly on your left, Daily in the middle, and 4 Hour on your right.  On all of these, what can you see? Divergence on the MACD?  Me too, excellent long-term divergence that signals some really nice reversals.   Also, on the 1 Hour chart (not shown) decent support and 65 EMA @ 110.00.

My plan is to work off of my initial long (1/4 Lot) @ 110.55 and set the TP to 126.00.  If price moves against me, I will double my exposure at the following points (add 1/2 Lot) 109.20, (add 1 Lot) 108.00, and then last-ditch effort (panic mode) @ (add 2 Lots) 103.00. Each time move the new Positions TP to the BE Point.

If price moves in my favor, I will add half of my initial position on a breach and retest of (add 1/8 Lot) 112.00 and again @ (add 1/16 Lot) 120.00.   Each time move the new Positions SL to the BE Point.

I expect this trade (depending on what direction it moves first) to last any where between 2 weeks to 2 months.

Hopefully this quick post will let you see into my method on a more practical standpoint and show you exactly how I prepare and plan for a trade.  Like always, take what I say with a grain of salt as my method is VERY risky and should not be attempted without a helmet.

Good Day!

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