The 2 Sharks on USDJPY

There are 2 potential Shark patterns forming on USDJPY.
One completing around 114.94 and the other higher at 115.86

I am taking a small short trade at this current levels 114.94
Will be cautious of this current candle close

İşlem aktif:

Trade was up as much as 60pips, now 40pips at time of posting.
Shifting stop loss to entry price (breakeven) to make it a risk free trade.

İşlem aktif:

Trade currently up about 110 pips. Turning my stop loss level into a profit protective stop loss at 114.55. Whatever happens, I am protecting +40 pips of profits

İşlem aktif:

Currently trade up about 150 pips. Protecting more profits.
Moved my protective stop loss to 114.18 (+76pips)

Yorum:

I am leaving my targets open, and will only exit trade if the pair starts to reverse and break above the trend line (see attached chart)

İşlem aktif:

Resistance trend line still intact, I have shifted my stop loss even lower to 133.58
Hopefully looking at 112.0 targets

İşlem aktif:

Shifted my protective stop loss one more time to 113.18 before I go to sleep.
Locking in +176 pips of profit.

İşlem elle kapatılmış:

Trade closed earlier today at the protective Stop Loss at 113.18.
Closed with a profit of +176pips.

However I believe that the trend is still down and will be looking to re-enter the short. Will post another chart/trade idea when there is an opportunity to short.

Yorum:

I believe that it is critical that a trader should track their trades closely. Based on price action, my idea was to exit the trade when the rice broke above the resistance trend line. This obviously help me protect my profits. See attached chart.