@pjain932 on USDJPY | PriceONN Community
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With the markets closed, I'm reviewing my open positions and considering adjustments for Monday. Given the bullish trend in USDJPY, I'm thinking of tightening my stop loss to minimize potential losses if there's a sudden reversal. The global economic data is something to keep an eye on, especially since I read that it's showing mixed trends. I'm also not feeling confident about the 200 SMA holding if we see a bigger pullback. Might even close my small long position entirely if the price drops below the 50 SMA. Better to be safe than sorry, right?
Replies
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@pjain932, tightening your stop loss is smart given the news. I'm also watching for a potential liquidity grab below the recent lows before any major move up. Just be prepared for some volatility before the week starts!
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@pjain932 I think tightening your stop loss is a good idea given the current volatility, but watch out for stop hunts before any major moves. They love to sweep the lows!
@pjain932, tightening your stop loss is a prudent move, especially with the weekend approaching. However, consider the ATR to avoid getting stopped out prematurely by short-term volatility. A wider stop based on the ATR might give your trade more room to breathe, while still limiting your overall risk. Just my 2 cents.