AUDJPY has started a new uptrend and I am looking to ride the trend from the retracement.
Today I was able to ride the trend using my own modification of the U-Rider system which I learned from a friend who's into Stock Market Trading.
Since it is clearly on an uptrend, I waited for the retracement around 38.2 Fibonacci level where the price also touched the 10 SMA (blue line) and waited for price to close above the 10 SMA which, at the same time is an engulfing bar.
Entered this trade at 84.150 (around 38.2 retracement of the engulfing bar) with 50-pip stop loss and 100 pips target to achieve 1:2 RRR.
Today I was able to ride the trend using my own modification of the U-Rider system which I learned from a friend who's into Stock Market Trading.
Since it is clearly on an uptrend, I waited for the retracement around 38.2 Fibonacci level where the price also touched the 10 SMA (blue line) and waited for price to close above the 10 SMA which, at the same time is an engulfing bar.
Entered this trade at 84.150 (around 38.2 retracement of the engulfing bar) with 50-pip stop loss and 100 pips target to achieve 1:2 RRR.