30/07/14 – 07:00 – USD JPY Long – The price has hit the previously mentioned resistance level and I have decided that 1.2% profit on my trading account balance is sufficient for this trade, so I have manually closed out this USD JPY Long Trade. I have to keep in mind that I have the GBPUSD Short trade on currently sitting at 2% profit on my trading account balance and the new USDCHF Long trade on a Daily chart. So conservatively managing my profits at this stage is not a wrong move as I have all my open trades to consider in this quarters results. Those that just trade Forex would probably still be in this trade, but my sausage machine strategy gives great returns over the year so I must always have that in mind when I am managing all my trades collectively. As Below
30/07/14 -I have left his USD JPY Long trade to carry over night and it is back up to the highs of yesterday which seemed to have acted as resistance yesterday. If the price breaks through this level then I would look to take profits around the next level of resistance around 102.17. As Below
29/07/14 – 11:00 am – USD JPY Long – The first XTL Blue bar has formed for this potential USD JPY Long trade and has formed in a resistance level. The potential entry point is 50% of the length of the first Blue XTL bar on top of the high of the same bar. So the entry point point is @ 102.031 which is way out of the resistance level and provides a conservative but strong entry into this trade with good potential to the upside. The Stop Loss is again, 50% of the length of this first bar and then down from the low of the same bar, which is below the resistance level which will soon become support. Stop Loss @ 101.920 with the initial take profit limit order @ 102.20.
29/07/14 – 12:00 pm [- This USD JPY Long trade has triggered with a strong move to the upside during this hour and the bar closed just above the entry point. As Below