W24 - USDJPY - SHORT then LONG on downtrade correction
We are looking in a downtrend for USDJPY. Possible to hit the low side of the chanel soon.
As I don't trade on the correction of the small downtrend (on 4h) I will wait for a cross and trade the correction of the big downtrend (dailey and weekly)
We still have indication of a strong short movement:
- the price is under the 100 SMA
- on RSI we are still in sell, over-sell area
- and the trend
But we have indications of future reversal or correction
- Missed weekly and monthly pivots
- Fibbonaci retracment levels match the area around the pivots
- the trend has to be corrected soon
There are the 2 red possible scenarios,but I expect also the green to happen.
For the red scenario i am thinking of two trades (one of them for long term)
If the green scenario happens I will look for a sell order.
I will look for entry points and TP,SL stops after it becomes more clear.
As I don't trade on the correction of the small downtrend (on 4h) I will wait for a cross and trade the correction of the big downtrend (dailey and weekly)
We still have indication of a strong short movement:
- the price is under the 100 SMA
- on RSI we are still in sell, over-sell area
- and the trend
But we have indications of future reversal or correction
- Missed weekly and monthly pivots
- Fibbonaci retracment levels match the area around the pivots
- the trend has to be corrected soon
There are the 2 red possible scenarios,but I expect also the green to happen.
For the red scenario i am thinking of two trades (one of them for long term)
If the green scenario happens I will look for a sell order.
I will look for entry points and TP,SL stops after it becomes more clear.
Trade active:
I have an active sell trade. Not the best entry point.
