Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
on Daily: Left Chart
USDJPY is retesting the previous major low so we will be looking for sell setups.
Knowing that USDJPY can still test the upper blue supply zone before trading lower.
That's why we don't sell blindly, we always zoom in to lower timeframes and look for sell setups.
on H1: Right Chart
USDJPY is forming a channel in red but it is not valid yet.
So we will be waiting for a third swing to form around it to consider it our trigger swing.
Trigger => waiting for that third swing to form and then sell after a momentum candle close below it.
Meanwhile, until the sell is activated, USDJPY can still trade higher.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
on Daily: Left Chart
USDJPY is retesting the previous major low so we will be looking for sell setups.
Knowing that USDJPY can still test the upper blue supply zone before trading lower.
That's why we don't sell blindly, we always zoom in to lower timeframes and look for sell setups.
on H1: Right Chart
USDJPY is forming a channel in red but it is not valid yet.
So we will be waiting for a third swing to form around it to consider it our trigger swing.
Trigger => waiting for that third swing to form and then sell after a momentum candle close below it.
Meanwhile, until the sell is activated, USDJPY can still trade higher.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich