I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.
Buy USD/JPY
This pair has dropped like a rock the past few days due to risk aversion. With bullish divergence present, I'm looking to play a short-term correction here. I will admit this trade is a tad on the risky side since everybody has been hatin' on the dollar lately.
There are also rumors that the Fed may cut rates BEFORE the scheduled meeting later this month and then cut again again AT the meeting. Anything could happen so I'm going to keep my stops tight and profit target small.
I'm buying now at 107.00. My stop loss (SL) will be 106.60. I'm hoping that the 107.00 handle will hold as support. My initial profit target will be 108.50 though I'm also eyeing 108.00. I will post any trade adjustments in my comments section below.
Buy USD/JPY @ 107.00 | SL: 106.60 | SL: 108.50
