I know what you are thinking. Two trades in a row with the Yen? It is true the last two trades are somewhat correlated, but not as much as you might think. Check out their charts and you'll see. Anyway, as for this trade. You can see that the pair has tested the high (blue horizontal line) several times over the last couple of days. if it breaks up can closes above that line, I'll buy. If it breaks down below the support line and heads lower, that will likely mean that the high is safe for now and we'll see some retracement from the recent run up. Either way I'm in. I'll move to break even at +30 pips. Note that this is the 15 minute chart and I'm trading on that. If it goes up, there is no telling how high it will go so I'll just ride it as long as it keeps going. If it goes down, my profit target is the green baseline. I'll keep you posted.Happy Trading!
