Monday is a holiday here in Canada. Happy Victoria Day!
Usually, I do not trade much Sunday night. I do prepare for the week ahead. I read some research and look at charts. But I opened up my charts and liked the action.
I went long $USDJPY at 111.82 (Daily pivot) and as I write I am about to take profit at 111.36. That is a nice 50 pip move for an overnight trade. Too bad I did not go full size due to the fact I was not planning to watch it closely.
This quick trade has a simple thought process. I saw the USD is bid overall to start the week, and it has been for past 5-7 weeks. I keep an eye on the pivot. MACD has given me a signal to buy. If price action around the pivot (110.82) is solid and flow shows buying in $USD, I go long the pivot. I am looking at 111 first then 111.28 area. It was still bid 111.20s and 111.37 is the high of the session so far. I feel it is still bid at the highs but I want to go to sleep and I do not want to watch it anymore. I could take half position off but I just decide to cash out at a second revisit of the daily high and get out 111.36. One other reason I like to get out here is that the US10Yr yield is not really going up, but rather treasuries are bid as well, so might not see $USDJPY rally to sustain intraday.
Overall a nice quick Sunday trade when I wasn’t planning to trade. Will keep you updated if I trade Monday and might call out a trade live.