USD/JPY - Short 1H After 4H Range Break
Required Daily Process
Part 1 - The Overview
1) Daily IT still bullish / 4H IT turned bearish and all rallies will be assumed to be pullbacks MT.
2) PA is in a rally off of the Daily level. It did not reach the full Daily zone.
3) PA went to a range channel on the 4H, which took out the lower bullish TL. Looking for a retest of the channel lows.
4) Weekly Sentiment - Bearish / Monthly Sentiment - Still Bullish, but just made its first test of MO as Support.
Part 2 - The Day-2-Day
5) Organized 15M/1H MS
6) Current PA is far away from the previous day's Value Area (VA).
7) Today has been a trending VA.
8) Not expecting a retest of yesterday's VA. Previous week's VA has represented a tight range, which is now broken to the downside.
9) Good 38.2%/50% confluence of low side of the multi-day range. No Fib confluence with yesterday's VA.
Part 3 - Execution
10) No alerts set. PA occurs during my standard trading hours.
11) Daily is still presenting an uptrend, but my interpretation of the story is we are beginning a MT breakdown. MT breakdown confirmed with loss of MO.
12) Next setup - short lower channel retest, with DCA across 38.2%/50% range. Orders set.
Part 1 - The Overview
1) Daily IT still bullish / 4H IT turned bearish and all rallies will be assumed to be pullbacks MT.
2) PA is in a rally off of the Daily level. It did not reach the full Daily zone.
3) PA went to a range channel on the 4H, which took out the lower bullish TL. Looking for a retest of the channel lows.
4) Weekly Sentiment - Bearish / Monthly Sentiment - Still Bullish, but just made its first test of MO as Support.
Part 2 - The Day-2-Day
5) Organized 15M/1H MS
6) Current PA is far away from the previous day's Value Area (VA).
7) Today has been a trending VA.
8) Not expecting a retest of yesterday's VA. Previous week's VA has represented a tight range, which is now broken to the downside.
9) Good 38.2%/50% confluence of low side of the multi-day range. No Fib confluence with yesterday's VA.
Part 3 - Execution
10) No alerts set. PA occurs during my standard trading hours.
11) Daily is still presenting an uptrend, but my interpretation of the story is we are beginning a MT breakdown. MT breakdown confirmed with loss of MO.
12) Next setup - short lower channel retest, with DCA across 38.2%/50% range. Orders set.
Comment:
Closed -0.66R - Buy-Up was much stronger than anticipated. Strongest 1H candle close this month by 2x any other candle.