Buy signal in USDJPY pair

Sorry for more than a week long absence. This is mainly due to some modification in my trading and blogging schedule. For now I should just concentrate on trading.

Today I was watching some pairs. I have two long positions open in EUR/JPY, AUD/CAD pairs. Both of them are in profits now. EUR/JPY has more than >200 pips in profit. AUD/CAD has >70 pips profit. After closing partially both of them are in trailing stop loss set up.

Now the trade I would like to talk about which I took an hour back. I'm now following course material I purchased and going through the process last week. Here 30 & 50 SMA is acting as dynamic support/resistance.

USD/JPY pair was bullish since recent JPY weakening condition. I was watching h1 tf. Price in its upward move, pulled back into the dynamic resistance where they were producing a bullish engulfing price pattern.

I was planning on entry at the close of the candle. But I was little late. After entry price started to move up on the third candle after my entry. I closed 50% of my position at 23 pips and shifted my s/l to B/E.

A quick update of my EUR/JPY pair- it's now >300 pips gain. I'm going to move my S/L further up. It's nice to gain consistently.

Now coming to my plan. I'm reading and watching few courses on price action. So while studying and demo trading, writing blog post becomes to some extent problematic. So I'm going to post about my results of various trade on Saturday and another post about my plan for the next week on Sunday. I think I'll be able to follow this schedule.

Happy pipping!!