Today is the 1st day of a brand new month. Of course ForexGump is here to kickstart your new month with a reliable trade signal.
RSI generated a bullish divergence at a double bottom chart pattern formation of USDJPY. This is why I’m placing a low risked bet to go long for this pair although I’m fighting against the big trend.( Counter Trend Trade).
55 pips target with a stop of 22 pips. Fulfills our criteria of 2:1 reward to risk ratio. Always remember to give some slack to your stop loss target because the market is never perfect. We recommend at least 10 pips extra when you set your stop loss target.
Lets just hope for the best and start the week right!