USD/JPY Momentum indicator

February 23rd, 2009 | Tags:

usdjpy-momentum

Today we will show you a nice momentum trade with USD/JPY. We will use 30 minutes chart because the lower time frames give a lot of fake signals. You can see a break after the market opens but we ignore it because the liquidity is very low. Before the European market opens the Momentum breaks the suignal line upwards. We place a buy order above the hi of the sugnal candle @ 93.08. A nice rally follows and we move our stop below the lows of the 30 minutes candles. At 1-:30 GMT a doji forms on the chart and we close the positin for 65 pips profit.

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