Here on the Pound/ Yen, the king of volatility, we have a bearish bat on the daily. Price came up a few dozen pips from the HOP on my pattern and slightly violated the HOP on the automated pattern recognition software. Now, I know I haven't been active lately, but for those who have been following my patterns know I am not a big fan of oscillators; however, we have a double top on the AMP RSI (scott carney's invention) and the HSI is in a divergence, indicated by the yellow arrows. (also another Scott Carney invention. What I would like to see for an entrance is today it finishes as a bull candle to retest the high, then Monday finish as a moderate bearish engulfing candle then Tuesday enter. That's the plan. Take .5 of my position out on the 382 of the pattern and move stops to BE and then let the trade do as it wishes. Half the Profit is better than a full loss. #breakevenorbust
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Trade looking good for a Wednesday entry. we had the wick up, even though it was minor it did retest the area, so now the play is a moderate engulfing candle tomorrow and entry Tuesday night or Wednesday morning.
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This trade has potential to be a gorgeous trade with an amazing entry. if todays candle can close as an engulfing candle around the level 148.0XX then its game on. Risking 300 pips for a potential 1500 for a very nice 5:1 RR.