USD/JPY: Wedge + divergence signalling possible long opportunity
I just added another long (see previous idea) and still have 1 more possible long to add.
If we get a new wave down inside the wedge I will try to get a lower entry somewhere around 105.50 to 105.00..., but only if I get more confirmation!!
If the wedge breaks up before that I will keep the current long positions and might add if the uptrend is confirmed.
SL can be tight below the recent low but I like some more room, imo it should at least be below 105 in case of a new down wave in the wedge and since personally I still have some slack I'm keeping it below 104 for now...
Keep in mind that below 105.50 we will have broken a former low though! Anyone should decide for themselves based on their own style, risk tolerance and money management!
The 2 setups on chart are there as examples only, one with the tighter SL, one with the wider SL, targets for both are the same:
1) minor S/R zone / down trendline around 107.50
2) major S/R zone around 111
LOW-RISK TRADERS: THE COMPLETED WEDGE BREAKOUT TRADE IS THE SAFER TRADE!
If we get a new wave down inside the wedge I will try to get a lower entry somewhere around 105.50 to 105.00..., but only if I get more confirmation!!
If the wedge breaks up before that I will keep the current long positions and might add if the uptrend is confirmed.
SL can be tight below the recent low but I like some more room, imo it should at least be below 105 in case of a new down wave in the wedge and since personally I still have some slack I'm keeping it below 104 for now...
Keep in mind that below 105.50 we will have broken a former low though! Anyone should decide for themselves based on their own style, risk tolerance and money management!
The 2 setups on chart are there as examples only, one with the tighter SL, one with the wider SL, targets for both are the same:
1) minor S/R zone / down trendline around 107.50
2) major S/R zone around 111
LOW-RISK TRADERS: THE COMPLETED WEDGE BREAKOUT TRADE IS THE SAFER TRADE!
