The808Trader
Short

JPY Strength Play - USD/JPY Ichimoku Short Trade Setup

FX:USDJPY   U.S. Dollar / Japanese Yen
At the end of last week this pair has broken down to test price structure support . We've formed a pretty strong resistancehere with a good wick on top. I am looking for a break down below the previous candle candles to help confirm a short entry. I've drawn out multiple partial take profit levels on the way to my longer term price structure low target. I will continue to leave some of the position open as long as the bearish trend holds, but if we extend past my longer term target, there isn't much previous price structure history below my target other than a wick from the flash crash. So, I find a move past that level highly unlikely. If we fail to break price structure support and fall lower, then this setup may become invalidated.
Comment: Trade did not break down so no entry yet, but level stays valid for a short.
thanks for sharing, looking forward to your next idea, if you want to take a look also at my ideas i'm sure you would take value, cheers
+1 Reply
The808Trader transparent-fx
@transparent-fx, thanks for the comment, will do!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out