Update to yesterday's AUD/JPY short signal: the level of 0.8867 was hit, was at one point about 50 pips in profit (greater than the risk), but then came back to reach within about 15 pips of the stop. However the trade survived. The trade is currently at the time of writing just a few pips in profit. It is recommended to exit this trade immediately as the JPY has sterngthened dramatically.
Day traders would have found it hard to find a profitable AUD/JPY entry using the 15 minute chart. Such losses are the tradeoff to the greater rewards shorter time frame entries can secure from winning trades.
AUD/JPY Signal Update - August 2, 2013
By Adam Lemon
Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.