USD/JPY Sell | S6W1 | Team Trading Contest Post for Team-Frontline
Hello good greetings my fellow Steemians, I trust we all are doing great. I want to thank Professor @dilchamo for your hard work and also giving quick responds to users when the need arises. sharing experience obtained from Crypto Academy is a win win trading strategy. Today i will tell you about buy trade using a double bottom and other indicators.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
The above symbol (USDJPY) means U.S. Dollar/JapaneseYen) Pair. I want you to know that the value of these pairs are quoted as one U.S. Dollar per an amount of Japanese yen. The USD is the based currency while the JPY is the quote currency. You should know that the exchange rate of the trading pairs is recommended as one of the best globally.
These pairs can be traded in foreign exchange market (Forex) such as OANDA, FXTM, OCTAFX, FBS etc. As for this trade i have use the FBS Exchange through Meta trade 4 (MT4) to execute my trade.
Why are you optimistic on this token today, and how long do you think it can rise?
I want to let you know that in trading, there is no nonsense hope hope in the market. This is because you are not the one controlling the market, rather the big banks and companies. Now as a trader your own is to follow the market and watch carefully to know whether the market is going up or down or whether its ranging.
Now you don't want to hold your trade for too long because the market can go against you. As a trader what you are mindful of is to make profit from the market and to protect your account not to blow it up. In order to do this, you have to determine your stop loss, entry point and take profit. The rising of this market depend on if buyers are more than sellers and this can take place when the market goes to the support level. Here the bulls can take over just like in this trade is a buy trade.
How to analyze the token? (Using the analysis knowledge learned from professors’ courses)
The strategy i have learned overtime is what i have apply in carrying out this buy trade of USD/JPY trading pairs.
I have made used of the following indicators:
Parabolic SAR
200 Exponential Moving Average (EMA)
Relative Strength Index (RSI)
Screenshot from meta trader 4
Screenshot from meta trader 4
Entry price: 114.836
Stop Loss: 114.750
Take Profit: 114 950
The RSI was close to point 30 before i open a buy order in the market.
The Parabolic SAR was below the market price, which indicate a buy trade.
What really move me was the identification of the double bottom on the price chart. At this point, i had to open a buy order in the market.
The profit ratio is 1:1.5 this means that when the market goes against my entry, i will loose 1 while if it's in my favour i will make 1.5. This ratio will help you to have good results over multiple trade as the win rates is high. For the purpose of this trade, i have made $0.99 in opening a buy trade with USDJPY trading pairs via MT4 platform.
I will recommend this strategy to all users because it just straight forward. You have to make sure that you need to know how to read the market and identify the double bottom. This was one of the course learnt from Crypto Academy.
The parabolic SAR was below the market price which indicates a buy trade
The relative strength index was closed to point 30 level which is an oversold level, at this point the buy trad was taken.
Always set your stop loss and take profit and make sure your risk to reward is more than your stop loss.
Thank you for your time.