Jan. 15 2007 (USD/JPY trade)
Trade: Long 1 lot of USD/JPY @ 120.12.
Stop: 119.72 (Key resistance level - High on Jan. 09).
Target: 121.00 (Adhering to risk-reward ratio of 2:1)
Result: Trade closed on Jan. 15 @ 120.49 (+37 pips).
Comments: Hourlies on late Friday points to oversold conditions although dailies shows slightly overbought signs. Planning to hold the position not more than 1-day and will close out position once target has been hit. However, will review daily charts for potential further up-trend which started on Dec. 05. Position closed on the same day itself, netting +37 pips in the bag. Decided to go long with another 5 lots @ 120.55 upon locking in my profits from the previous 1 lot sold. Rationale shall be posted later.
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