Trade update EURJPY

Still sitting tight on this trade. NFP last Friday caused a swift move to the downside but price has not taken out my long trade just yet.

A quick glance at the daily chart indicates that the pair is has been ranging for the last couple of days. Maybe now that NFP is out of the way we'll see some better defined daily movement soon. I think we will need a break-out of the high or low of the November 4 candle before we can see any clear trending again.

When the daily is ranging like it has been, trades can still be taken from smaller time frames. . .I prefer to use 1hr as my lowest timeframe to keep influence of the spread to a minimum. However, if you are looking to trade 1hr when price is tightly ranging you can see that you need to 'lock-in' profits quickly. There is less chance of letting a winner run because price not really going anywhere. However it still is possible to watch for signals and using well controlled risk, take profits quickly.

I have not placed any new trades since the trade I am currently in. Work has kept me busy the last couple of days and the market has been ranging.