Breakout on USDJPY?

[RobertHikuso]

Hi,

I am new to price action, but does this look like a solid breakout trade on the USDJPY if it can bust higher?

 

[Pip Hunter]

Nice spot Rob,

def looks like a breakout higher on the way.

Stop loss below last closed daily candle and target at the resistance for around 2/1 risk reward looks a solid trade… if it can break above the recent weeks highs.

All the best.

[Pip Hunter]

Nice trade Rob.

Do you have a breakeven strategy in place to protect losses and/or lock in profits?

Others in here that missed that trade could look for a pullback into the old resistance and now new support to get long as well. See chart below.

[Pip Hunter]

Great trade spot and trade Rob, hopefully locking in some profits now.

[RobertHikuso]

Thanks pip,

Yeah breakeven in place and targets set around the resistance you spotted.

Thanks.

[Nkosi]

Is it good to correct Price Action with one or two indicators (MACD/TREND LINE)?

[Pip Hunter]

Hi Nkosi,

using price action and indicators together can be a great way to find and confirm high-probability trades.

One simple exampe may be using a simple indicator like the moving average to find a clear trend and then confirming a potential trade with price action signals.

This is a simple example and there are many indicators that can be combined with price action.

Any questions let us know.

[Author]

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