Long USDJPY Trading Plan 4th Dec 2017 - REVIEW
Reference :
A : I was anticipating that price would go down either 112.500 level and/or the daily pivot at 112.114. I did not like the idea of Long USDJPY before it makes a meaningful correction (Banks filling their orders at better price - theory alert!). Moreover, I felt the market would price the tax reform development at 113.00-113.10. If price broke Friday's high, thats too close towards 113.00. I want to buy the dollar against the Yen at better price. Annoyingly, it did break 113.00 (and I could guess plenty of retail traders went long as price broken the psychological level 113.00..). I thought at the time "it could reverse from here.." *smirk smile*
B : Price never able to break the 113.00-113.10 levels. So my earlier "guess" that market is pricing in the tax reform at 113.00 looked like a correct shout (I don't care if my "guess" is right, all I care if i make money out of it.. I didnt make any money out of it. So what?!). I was hoping price would retrace to the marked levels within the early part the London session
C: Price have retraced to one of the levels Ive marked but right now, I have a feeling that market's have fully priced in the tax reform development and have turned their attention to the brexit issue.
What now? : I am not bullish USD today. Safe Haven inflow potentially to be the theme today.. but will see. I will make trading plans later today and my "safe haven inflow" comment might change
A : I was anticipating that price would go down either 112.500 level and/or the daily pivot at 112.114. I did not like the idea of Long USDJPY before it makes a meaningful correction (Banks filling their orders at better price - theory alert!). Moreover, I felt the market would price the tax reform development at 113.00-113.10. If price broke Friday's high, thats too close towards 113.00. I want to buy the dollar against the Yen at better price. Annoyingly, it did break 113.00 (and I could guess plenty of retail traders went long as price broken the psychological level 113.00..). I thought at the time "it could reverse from here.." *smirk smile*
B : Price never able to break the 113.00-113.10 levels. So my earlier "guess" that market is pricing in the tax reform at 113.00 looked like a correct shout (I don't care if my "guess" is right, all I care if i make money out of it.. I didnt make any money out of it. So what?!). I was hoping price would retrace to the marked levels within the early part the London session
C: Price have retraced to one of the levels Ive marked but right now, I have a feeling that market's have fully priced in the tax reform development and have turned their attention to the brexit issue.
What now? : I am not bullish USD today. Safe Haven inflow potentially to be the theme today.. but will see. I will make trading plans later today and my "safe haven inflow" comment might change