Evild0er
Short

Trading a short countermove before trend up again.

FX:CADJPY   Canadian Dollar/Japanese Yen
A bit late, but wanted to share a small trade I am in.

Using the D-trendline as resistance, price recently broke the steep upward trendline AND some daily S&R.
I got in without confirm, and took a small retrace but with a big S/L. The next days candle was bad news, but not bad enough to get out of the trade, day after that we get a really nice confirmation candle. Price is heading down, probably towards the W trendline (might hit the horizontal at 91.141 but we're not counting on that.

In retrospect: the 9/4 day candle with very strong retrace and high close, is another sign, price is planning to go upwards again after this countertrend trade we're making here.

Update 22/04:

Price is fighting with our S&R line, and I don't like the look of the previous closes. The trade looks less appealing now, we could opt out now or wait for a candle closing over our S&R line.
Also notice, the longer we stay in the trade, the closer the supporting trendline comes and the less profitable the potential trade gets. This is a downside of countertrendtrading and makes following up on it a lot more important.

Update 28/04:

Still looking for the small break trough 92.419. Still playing the waiting game.
Evild0er
2 years ago
Update 2/05:

The 29/04 candle is a confirmation that the move probably isn't valid anymore.
Ideally a countertrendmove should be fast and short, price was lingering around to long.
Signs for moving up are looking better now, not trading this yet though.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out