Simple setup, initiate a short when the support is breached. We have a very strong decline after completing what looks like an expanding ending diagonal triangle in the 4h/daily charts. If price moves below the support level outlined in the chart, it will accelerate down, probably moving 430+ pips to the downside. As a bonus, crude oil seems to be moving up, while Nikkei falls, effectively boosting this trade, correlation wise. Will update with my entry and scale ins.
You got a nice rejection on the short entry point today. Thank you for providing the analysis.
IvanLabrie
⋅
Welcome, looks like we will see bearish continuation soon.
You took the trade?
JWagnerFXTrader
⋅
Yes, but went long at lower levels.
I agree we are getting close to an important top. I figured this would be one of my last long trades in this 4 year trend. Here's the 60 min chart prompting the long.
CryptoPAMM
⋅
Agree, JPY is looking strong all over, I am short NZDJPY at the moment, seems the best risk/reward
IvanLabrie
⋅
Fascinating to see price trapped between low volume and mode support/resistance.
IvanLabrie
⋅
Re-shorted at 123.395, aiming to cover half at the recent low to make it risk free.
First entry still running.
IvanLabrie
⋅
Selling a retest of 123.395 here, partial tp at 122.459 and letting the first batch and half of this new one run until we hit 118-120.
IvanLabrie
⋅
All stops over 124.328.
ImranIshaq
⋅
when would it be a good time to enter at this point?
IvanLabrie
⋅
I think it's late, wait for today's close, and then watch the hourly or 4h chart during Asia tonight.
There might be a sideways move and then another strong leg down.