Focus on Buying Opportunities and Key Event AlertThis 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! 🚀
