Despite the fact that the pressure is to the downside on xxxJPY pairs at the moment, we may still find short-term buying opportunities if good ones present themselves.
The 121.4 level marks some decent short-term institutional support where some some indecision is likely.
Even if the level is eventually broken it will be very likely to see price stall at the level momentarily at least.
Buying the figure would be a good scalp opportunity however you must be willing to take profits quickly and not get greedy!
...actually I mean mkt likes swiping SL... (not scalp)
gcplau
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IMHO, market likes swiping scalp; 15chart has more risk than higher TF, no matter how solid or accurate a key level is, swiping it with 15~25pips is easy as a breeze, you'll need much more confluences and critical analysis to define your entry and SL. There's almost nothing in the chart except a stated institutional support level; I really think this particular idea is kind of weak in publishing or convincing, isn't it?
UnknownUnicorn261897
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@gcplau, I use 30 pip stop losses with my scalps so this would not have been a stop out. Also I post in-depth analysis on a few pairs on a daily basis, when I post a trade setup I don't want to showcase my reasoning.
gcplau
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@Unique4xPro, 30pips SL...and you still call it a scalp?
@gcplau, Yes I consider it a scalp... my provocative is to be in and out... I don't set take profits I get out according to price action. I don't care about risk reward because I see profit easily 90% of the time.
gcplau
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@Unique4xPro, unfortunately...you did not share your SL during publish...it's a very different idea of post claim and share when publish...you agree?
gcplau
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@gcplau, and I have a bit of doubt of closing a trade by watching PA instead of setting alerts or trailing.
UnknownUnicorn261897
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@gcplau, No, every trader has their own risk parameters.