7
2011
4H USD/JPY 8-1 to 8-5 Recap
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Hello everyone here is the weekly recap of the 4 hour breakout on the USD/JPY. It was one great week for this pair especially if you took the long trade on it. Lets look at the screen shot below:
On the short side the pair crossed the first take profit level with 75 pips in the bank. But the kicker here is the retracement it made all the way past the high of the first 4 hour candle of the week and shot up almost the third take profit level with a nice 220 pips. Out of all this I got the 75 pips on the short but got out on the second take profit level on the long trade with a 145 pips.I wasnt too sure about some of the news coming out of Japan towards the end of the week and didnt want to take the chance with so much already locked in.
I look forward to this week and to some good trades coming in with the volatility that the U.S> credit rating downgrade will bring.
Good luck to everyone,
Gus FX
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