Short Entry @ 191.640 StopLoss @ 192.220 Take Profit @ 189.770
Broken Daily support over bought have had a double top in the past couple days which ran right back into the support turned resistance marked by the pink line.
Fundamentally the Yen has gained some strength and it is being shown a little bit across the board. Technically we can see a lot of structure in play and see a quick fast nice and easy opportunity with a Risk:Reward coming in at 1:3.22 Looking at the structure of this trade we can see a support coming in from a previous high for a take profit at the level of 198.770 just incase it does ascend once it reaches that level. For a stop 192.220 seems like a fairly decent area without being too close to current Price Action.
Please feel free to give some feedback and share your thoughts Thanks :) - Rennie
....no sign for short,- breaking out,- always have a peak at higher TF
Rennie
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was preemptive but it is fine, draw down is accepted in my trading :)
AJ47
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I'm still waiting confirmation on this one. I agree the R:R is good but I'd be super conservative to counter trend this. Good one and good luck! :)
IvanLabrie
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The Nikkei rallied too much for my liking, might make yen pairs drift or go for one more leg up before the actual top. I'm out for now.
Rennie
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it is hard to find the top I am still in but can't win them all if it goes south
Rennie
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Any later entries now valid.
IvanLabrie
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Interesting idea. Yes, the yen is gaining strength and the Pound has been constantly going up against it, it's more attractive as a short.
I'm already short chfjpy (which looks great so far) and usdjpy (which isn't moving as fast as I'd like), so it's possible other jpy pairs start to fall as well if the move is fundamentally driven behind the courtains.
Rennie
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Thankyou for the reply Ivan, I have been seeing a fair bit of good news for Japan and the Asia economy infact. The Technical line up fine and I am happy to take this trade on a comfortable time frame.
IvanLabrie
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Excellent.
I'll watch for a clearer entry, but it might be a good one already.
IvanLabrie
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Posted that and it started moving. Might be a short right now.