USDJPY 2B set up

Today the US market is closed and its perfect time for consolidation and 2B set ups. You can see on the chart how USDJPY broker above the prvious day’s hi. We place a sell entry stop order 3 pips below it (we usually place the order 2 pips below the level but this time it coincides with round number). The protective stop loss order is placed above the new high. This position gives around 25 pips profit.

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This entry was posted on February 16th, 2009 and is filed under Forex Set-up. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or Trackback from your own site.