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Sunday, November 8, 2009

EURJPY Trade analysis


Price is moving in favor of this current position so far but as you can see there is a substantial resistance level to be broken (see blue rectangle on hourly chart)if price is to really break hard to the upside. Price is currently 'testing' the resistance level.

For now I will keep the current trade stoploss(SL) at breakeven (BE). If the price action (PA) breaks above the resistance levels indicated I may be moving the SL up to lock in more profits. Since I have already 'locked-in' profits on this trade AND moved my SL to BE I have nothing to lose by letting the trade do as it will :-)

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