Trade Review: USD/JPY

July 23, 2006 11:40 PM UTC in Trade Ideas

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After a very frustrating week, we ended up a win in Friday’s pick for USD/JPY. After Fed Chairman Bernanke’s dovish testimony to the Senate on Thursday we saw US dollar selling across the board, which carried over to the European session early the next morning. The US dollar sold off sharply which cause our short entry to trigger and eventually we hit pt1 and pt2.

Lot 1: +30 pips

Lot 2: +50 pips

Total: +80 pips

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About Pipcrawler

Every day, I try to find what I believe is the best looking short term currency trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology behind price movements in the foreign exchange markets, so you can learn to analyze your own currency charts and trade on your very own. To help you understand my trading approach, please read about my trading framework.