Greetings everybody! A lot of interaction and good setups in the LTR today, overall many opportunities to look at.
We started with a look at the USDCAD, where since yesterday we’ve been waiting for a bearish signal (a TD break on 4h charts) - finally the TD resisted and we are still in consolidation at the time of this writing.
The AUDUSD presented a possible aggressive opportunity to buy for some large targets, but we decided to wait for the conservative entry (proved to be a good decision later, when Aussie dipped towards our projected stops) .
Today we focused our attention on the JPY pairs and started the day with a bullish perspective on all three majors - USDJPY, EURJPY, GBBJPY, an outlook that was later confirmed through different technical setups: Elliott Wave formations on several levels, divergence, trendlines, and finally a nice triangle on USDJPY that was broken while we were observing the pair.
We managed to jump right in on a USDJPY long @107.54, with a mid-term target of 109.18 and with a protective stop @106.95. The stop was later to breakeven during theÃ‚Â NY session, therefore we are now enjoying a risk-free ride (at the time of this writing our trade has reached +70 pips, and counting) .
Will stay in the trade and possibly add to the position at a pullback towards 107.95.
Happy trading and see you tomorrow morning!