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Jan 07

SGD/JPY

Sell SGD/JPY@82; tp 75.5000 (+650 pip); sl 84.5000 (-250 pip).

Justification:

Doji followed by bearish engulfing at the top of the range in the weekly chart. Appears to be double top. Divergence in volume. The trade will be confirmed if the weekly candlestick closes below 82.00. Favorable r/r. Stop loss is set above all time high (83.35) +115 pips i.e. @84.50. Risk: a. Counter trend trade, b. unclear fundamentals of the two economics.

Execution plan:

Keep an eye on the weekly close If it closes below 82.00 AND does not go above 83.35 before the week end, set two limit orders (0. 5 lot each). First tp=75.50, second tp=67.00. Expected duration of this trade will be = 6months-1 year. If price goes above all time high (83.35) after the orders have been filled, look for early exit opportunities based on daily candlestick pattern.

sgdjpyweekly

 

2 comments

  1. Saiful

    The week start with a good sign. The SGD/JPY is now below 82.0 (81.6 exactly)!

    1. Chief Trader

      Yes. It went as low as 81.31. Since the day closed below 82.00 mark, the limit order was activated and filled. We are in at 82.00.

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