New Trade

Just went long 1 Lot USD/Yen. It is important to note that Trader Outlook came up with this trade, not because anybody believes that equities are going up here (although they may,) but because of technical analysis and previous support and resistance levels.

Entry= 95.72
T1= 97.59
T2= 98.33
Stop= 94.79

The way the trade is set up is that after first target is reached, half the position is covered while the Stop is moved to b/e (entry point of 95.72.)

Remember that as a trader, we should all look for confirmations for our decisions. One of the many for this trade is the breakout of the wedge for this pair I discussed in an earlier post. (Just remember Steiman's levels if you are equity traders.)