baraq.adnan
Short

Potential Short Setup

FX:USDJPY   U.S. Dollar/Japanese Yen
154 7 2
Potential Short Setup
Why is that area interesting?
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baraq.adnan IvanLabrie
have you noticed - why it was/is an interesting area !
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IvanLabrie PRO baraq.adnan
I was asking about the reasoning behind you labeling that way.
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johncarter_oz IvanLabrie
Hi mate, you can see the market (on the 4 hour chart) turning at these 2 lines. This means that they are Support & Resistance (S&R) lines. So when the market comes down, it may bounce... as it did, this next time it might bounce again or it might go through.
History repeats.... you can be sure
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and the market ended up in your "interesting area"... I accept your pattern trade here but longer term you are expecting long for the USDJPY, right? I mean based on your Maximizer strategy, the USD is stronger the JPY in both GDP and interest rates.
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IvanLabrie PRO johncarter_oz
I think it will eventually turn into a long trade as well.
As for s/r, I use a different methodology, no harmonics nor fibs, mostly market profile derived.
Good setup though ;)
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Looking at candle formation on the daily, I would suggest that the short is over and it is now moving into a long position
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