It's time for a monster sell on
USDJPY
! Even as I write the thing just keeps going down faster than I can get the idea published!
As highlighted: big head & shoulders pattern that coincides with the top of the down parallel channel. And price is loitering in a liquidity zone / resistance area. I'm expecting this to go down to the very bottom (blue line). But as always, price action is king so i'ts good practice to never be 100% confident in any oe direction and plan for both scenarios. That's what an intelligent investor practices allowing them to control their emotions and come out on top even during a flopped trade. So I'm opening 3 trades with varying SL and TP and depicted on the chart. But if this analysis is correct, the trading account would gain 43% at only 3% risk (1% risk on each trade).
At the moment I've moved 2 of the sell trades to breakeven! Risk is now mitigated to only 1%.
Disclaimer: These trade ideas should not be relied upon as a substitute for extensive independent market research before making an actual trading decision. Trading carries inherent risks and a prudent individual will use such information responsibly.
USDJPY
! Even as I write the thing just keeps going down faster than I can get the idea published! As highlighted: big head & shoulders pattern that coincides with the top of the down parallel channel. And price is loitering in a liquidity zone / resistance area. I'm expecting this to go down to the very bottom (blue line). But as always, price action is king so i'ts good practice to never be 100% confident in any oe direction and plan for both scenarios. That's what an intelligent investor practices allowing them to control their emotions and come out on top even during a flopped trade. So I'm opening 3 trades with varying SL and TP and depicted on the chart. But if this analysis is correct, the trading account would gain 43% at only 3% risk (1% risk on each trade).
At the moment I've moved 2 of the sell trades to breakeven! Risk is now mitigated to only 1%.
Disclaimer: These trade ideas should not be relied upon as a substitute for extensive independent market research before making an actual trading decision. Trading carries inherent risks and a prudent individual will use such information responsibly.
Trade closed: stop reached:
Breakeven SL hit on heavy R/R trades. Breakout buy trade hit breakeven SL. Got back in at top of resistance with Sell trade and still holding the longer sell order. Head & shoulders did NOT manifest, so this trading idea has been updated. Going to see how this plays out as it's gearing up to go up more but if it stays within the down channel we can still see a break downwards even amidst the gathering buying pressure.
1) All 3 trades hit TP = 41.16% gain
2) 1st trade hits TP and other 2 hits SL = 10.46% gain
3) All 3 trades hit SL = -1% loss
The R/R scheme is statistically favoring making a good return on this pattern!