'A' Up Trade with Monthly Pivot Support - PrudenceThe Japanese Yen has a convincing level of support with the Monthly Pivot Range high inline with the Daily Pivot Range. Juxtaposed to this support level is the 'A' up line which is our level of confirmation which will give us the green light to go long the market.
The rule in this setup is to place the stop loss on the opposite side of the Opening Range, which in this case is the Opening Range low (set of white dots).
The action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement. Place the stop loss at the Opening Range low and the profit targets stated below.
Entry Price: 108.807
Stop Loss: 108.530
Profit Targets: First profit target 109.240. Second profit target 109.340. Once first profit target is reached, bring stop loss to breakeven (entry level).
