The USDJPY short trade didn’t completely work out as we anticipated. However, we had enough opportunity to protect our Short positions, and even make a few pips – if we managed our trades properly. On the Hourly chart above, price, after hitting the fib 61.8% ret. level, reversed southward by over 30 pips to the 90.15 level (highlighted with the lower blue broken line). From a day-trade perspective, that gave us the opportunity to scale out a few pips, and also adjust our Stop Losses to break even – or, at least, a couple of pips above the point where price initially reversed @ 90.58 (not highlighted).
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