Swing Trade
OK, I've never traded the 1 month chart or held a trade for longer than 2 months but this looks like it may be fun with minimal risk.
Could be one of those trades you catch at the top for a small lot size and just let it run for months or a year, who knows?
In any case, UJ has reached 136.90 which is 20 years later!! (You must always look left to see what price did in order to help your analysis).
From a fundamental perspective, US interest rates are up, so the USD has been rallying lately and may for a while longer as the FED fights inflation. However, I read somewhere that Japan has been buying US bonds with plans to dump them .. (LOOL the joys of fundamentals, so don't quote me on that.)
Let's look at the technicals since I'm not a fundamentals expert.
1. Price has reached major structure from 20 years ago. Whizzed past it, but you know, there should be a correction bc what goes up comes down and vice versa. As anyone knows with trading, price could just invalidate this whole analysis and go to 160, who knows!?
2. The rally has left a few Points of Interest (POI) which I will be targeting (if you follow may charts you know I love institutional moves and order blocks, breakout and retests, 50% Points of interest on institutional candles and fibonnaci retracement points as Entry or Exit points)
3. So, Confluencing price action, POI and Fibonnaci retracements, I am looking at shorting the UJ.
Major bounce points are the purple lines to Take profit, re-enter, buy or sell. Its a 1700 pip run plan so do as you please.
REASONS FOR BOUNCE POINTS/MAJOR TAKE PROFITS
1. 23.6% Fibonnaci retracement & and Institutional Order block confluence
2. 38.2% Fibonacci retracement & May 2015 structure confluence (look left)
3. 61.8% is a major Fibonacci retracement psychological zone
4. 78.6% Fibonacci retracement & Dec 2016 structure confluence (look left)
5. 100% Fibonnaci retracement - This is back to where price was in a range and broke up. Basically, we're looking for price to go back and retest this zone, rebalance itself/the order block.
Good luck - No guarantees - Trade safely - Risk little - Use your own stop loss
OK, I've never traded the 1 month chart or held a trade for longer than 2 months but this looks like it may be fun with minimal risk.
Could be one of those trades you catch at the top for a small lot size and just let it run for months or a year, who knows?
In any case, UJ has reached 136.90 which is 20 years later!! (You must always look left to see what price did in order to help your analysis).
From a fundamental perspective, US interest rates are up, so the USD has been rallying lately and may for a while longer as the FED fights inflation. However, I read somewhere that Japan has been buying US bonds with plans to dump them .. (LOOL the joys of fundamentals, so don't quote me on that.)
Let's look at the technicals since I'm not a fundamentals expert.
1. Price has reached major structure from 20 years ago. Whizzed past it, but you know, there should be a correction bc what goes up comes down and vice versa. As anyone knows with trading, price could just invalidate this whole analysis and go to 160, who knows!?
2. The rally has left a few Points of Interest (POI) which I will be targeting (if you follow may charts you know I love institutional moves and order blocks, breakout and retests, 50% Points of interest on institutional candles and fibonnaci retracement points as Entry or Exit points)
3. So, Confluencing price action, POI and Fibonnaci retracements, I am looking at shorting the UJ.
Major bounce points are the purple lines to Take profit, re-enter, buy or sell. Its a 1700 pip run plan so do as you please.
REASONS FOR BOUNCE POINTS/MAJOR TAKE PROFITS
1. 23.6% Fibonnaci retracement & and Institutional Order block confluence
2. 38.2% Fibonacci retracement & May 2015 structure confluence (look left)
3. 61.8% is a major Fibonacci retracement psychological zone
4. 78.6% Fibonacci retracement & Dec 2016 structure confluence (look left)
5. 100% Fibonnaci retracement - This is back to where price was in a range and broke up. Basically, we're looking for price to go back and retest this zone, rebalance itself/the order block.
Good luck - No guarantees - Trade safely - Risk little - Use your own stop loss