USDJPY has a daily bearish bat pattern (not really a perfect one in terms of the parameter and the X point)
It's a daily chart set-up but it's only 20-30 pips risk, and it's still too early to be optimistic on US dollar.
Therefore, a bearish set-up to short USDJPY with reasonable risk provides great risk-reward ratio;
while I still need a confirmaiton entry to enter the trade:
1. double top / 2618
2. inside bar breakdown
3. shooting star
One of the above sign formed in time frame larger than 30 min chart may be the cue to enter the trade.
The SL will be slightly higher than 109.40.
It's a daily chart set-up but it's only 20-30 pips risk, and it's still too early to be optimistic on US dollar.
Therefore, a bearish set-up to short USDJPY with reasonable risk provides great risk-reward ratio;
while I still need a confirmaiton entry to enter the trade:
1. double top / 2618
2. inside bar breakdown
3. shooting star
One of the above sign formed in time frame larger than 30 min chart may be the cue to enter the trade.
The SL will be slightly higher than 109.40.
Comment:
wait for the inside 30 formed and breakdown, a maximum 15pips risk trade.
Actually I don't mind to long the inside 30 breakout, too lol.
Strict execution for 1st kick and risk reward stop is the key for this little trade, will update tomorrow morning. (already 2:30am ..)
Actually I don't mind to long the inside 30 breakout, too lol.
Strict execution for 1st kick and risk reward stop is the key for this little trade, will update tomorrow morning. (already 2:30am ..)
Comment:
There weren't any reversal sign at all, actually I long the inside 4hr breakout in the end lol.
MUST wait for a significant reversal sign, otherwise there is no reason to fight with the momentum.