weekly short engulfing

FX:USDJPY   U.S. Dollar / Japanese Yen
190 1 3
I have a engulfing day trade system that I use and you can see details from my prier posts. This weekly engulfing candle has caught my eye and could be a possible trade. Normally would only use this on the daily charts because entering a trade from a higher time frame can be sloppy and inefficient. It also may take longer as a normal day trade is 1-4 days before profit or stop out where this may be weeks. Entry should be what ever set up or trigger you use on a lower time frame but the weekly chart targets shown could be used as a guide.

The engulfing strategy is 1 to 1 risk reward so requires more winning trades than losing to be profitable. Every trade I take is 2% risk of my account size. (This can be difficult if your broker mas min contract size orders) A win is 2% a loss is 2%. I've found this to be the most profitable way to trade a fixed system. It balances the fear and greed of being stopped out only because you where to close or missed profit because you tried to let in run. No trade is a shore thing so consistency pays off in the long run.

Refer to chart analyst but my general view is that the current rally maybe exhausted and due a small tradable pull back. There are similarities in this rally as what occurred a few months ago.

-The extension price is from the 50ma could suggest a reversion to the mean.

-The fib extension from the break out in price action.

-The engulfing candle, this weeks selling wiped out last weeks buying

I also follow Carl_Ekstroem currency strength analyst. USD scores -2 and JPY scores + 3 which is in favour for a short on this pair.

received pm and i must apologize for the sloppy application of the stop/target tool. As shown this trade is now closed. In addition this is a guide only as many broker quoted prices vary also. So be 100% accurate your own stops and targets would need to be analyzed on your broker platform.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out