arkasha
Long

Hourly Chart Formation

FX:USDJPY   U.S. Dollar/Japanese Yen
71 6 3
As soon as price action sticks itself out of the upper trend line and the resistance line, that's a signal to buy! I want you to notice how price action reacted to the upper trend line! Notice how perfectly price action touched it a couple of times, found resistance at the trend line , and bounced down right after, signaling to us that, price has found valid resistance there! That deems this trend line an important level of a break!
If it hits 100.63 before 100.33 I will then watch price action to make a decision from there
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Cant enter the trade until the actual break because there's a flip side to this coin!!!! There's a head and shoulders pattern on the daily chart and if price fails to penetrate those resistance levels, than price action will use the resistance area's to rebound and head down forming the continuation pattern of the head and shoulders from the daily chart!!!!
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TradZ arkasha
True but we are dealing with the DAILY so, don't you think(If looking@the head & shoulders formation) that it should form a bit higher before heading low low? I would be surprised if this was the highest resistance level but we shall see. I canceled my order because I have a feeling if I get in@100.33 that the market will hover(consolidate) around there until the fed announcement & so, rather not be in the trade. I will however trade during the announcement. Some say don't but I figured out how to play it - Just dnt be greedy and enter both ways when fit ;) I may even put in two orders 1up and 1dwn(same time) and do a quick scalp(without being greedy). The worst that can happen would be one trades get's a small lost which will made up by the dominant. TradZ, Get@me!
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TradZ TradZ
See how it is now hovering around my initial preferred entry level lol I know this game now haha - Will I trade during the announcement I'm not so sure now. Here we go!
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Agreed! I just seen this as I opened my charts back up ha! But we still have fed announcement day 2mrw so be careful. I got my profit for today but believe I can squeeze in a bit more. I have a 'buy' order placed@100.33 to move up to 100.53 and that shall really be it for me today:) I don't trust the markets day's, especially 0ne day prior to major news.
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just before the fed announcement i can look at the technical's and tell you what the announcement will be, either positive or negative. Personally I think the fed announcement is what going to start this move higher!
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