Focus on Buying Opportunities and Key Event Alert
This week, I’m focusing on buying opportunities more than shorting. Here's a key level and some important advice if you’re trading Japanese Yen related pairs.
Current Overview:
- Key Level for Buying:
1. Support Level: 153.45
2. What to Do: Wait for a Magic Candle Confirmation at this level to enter a buy position.
Important Event Alert:
- Date: 31 July
- Event: Bank of Japan (BOJ) Interest Rate Decision
- Impact: Whether the BOJ increases the Japan Interest Rate or not, it will significantly affect the Japanese Yen movement.
Strategy:
1. Magic Candle Confirmation: At 153.45, wait for this confirmation before entering a buy position.
2. Managing Running Trades:
- 50 Pips Profit: If you have a running profit of 50 pips or more, consider shifting your stops to entry to protect yourself from undesirable surprises.
- Less Than 50 Pips Profit: Start planning your trade move before the BOJ announcement.
Key Considerations:
- Exiting Trades Before Announcement: Decide if you’re comfortable exiting your trades before the Bank Rates announcement, even if the market moves significantly in your favour.
- Holding Through Announcement: Alternatively, consider the risk of holding through the announcement and how you’d manage your trade based on the market reaction to the BOJ decision.
Final Thoughts:
Be cautious and plan your trades carefully this week. Whether you choose to protect your profits or take a risk on the BOJ announcement, make sure you’re prepared for any outcome.
What’s your plan for this week? Are you focusing on buying opportunities or do you have a different strategy? Share your thoughts and strategies below!
Happy trading, everyone! 🚀
Current Overview:
- Key Level for Buying:
1. Support Level: 153.45
2. What to Do: Wait for a Magic Candle Confirmation at this level to enter a buy position.
Important Event Alert:
- Date: 31 July
- Event: Bank of Japan (BOJ) Interest Rate Decision
- Impact: Whether the BOJ increases the Japan Interest Rate or not, it will significantly affect the Japanese Yen movement.
Strategy:
1. Magic Candle Confirmation: At 153.45, wait for this confirmation before entering a buy position.
2. Managing Running Trades:
- 50 Pips Profit: If you have a running profit of 50 pips or more, consider shifting your stops to entry to protect yourself from undesirable surprises.
- Less Than 50 Pips Profit: Start planning your trade move before the BOJ announcement.
Key Considerations:
- Exiting Trades Before Announcement: Decide if you’re comfortable exiting your trades before the Bank Rates announcement, even if the market moves significantly in your favour.
- Holding Through Announcement: Alternatively, consider the risk of holding through the announcement and how you’d manage your trade based on the market reaction to the BOJ decision.
Final Thoughts:
Be cautious and plan your trades carefully this week. Whether you choose to protect your profits or take a risk on the BOJ announcement, make sure you’re prepared for any outcome.
What’s your plan for this week? Are you focusing on buying opportunities or do you have a different strategy? Share your thoughts and strategies below!
Happy trading, everyone! 🚀
We believe that we should not slog our life away. Keep working to the minimum. How about 15mins a day?
Get into our 15mins workday community
discord.gg/AKDr9vPqH7
Live session & Trading Tips on the GO
instagram.com/raynlim/
Get into our 15mins workday community
discord.gg/AKDr9vPqH7
Live session & Trading Tips on the GO
instagram.com/raynlim/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.