kamoflaaz
Long

USDJPY My first idea. All comments welcomed!

FX:USDJPY   U.S. Dollar/Japanese Yen
294 3 11
I did this analyse with Fibonacci retracement tool and you can also see the trendline channel in this chart.
TP calculated with Fibonacci extension .
It feels like sellers can't get enough momentum to break this uptrend, which is why I decided to draw this.

I also did similar drawings with other time frames and they support this idea.
Also, Ichimoku indicator supports this idea (partially at least).
Please comment. (I know I suck, really hard trying to learn :))
Trade active: Before going to sleep I set buy limit order at 103.70 and sl 103.40.
Woke up to cool +14pips.
DEMO
Trade closed: stop reached: If closed at top would've made 38pips
Went back down and reached SL
very excellent it proving correct dear
Reply
kamoflaaz DRSomPattanshetty
Thanks, it's nice to see my own simple idea realising :)
Reply
I believe we will be heading down for a bit(DAILY)
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