FX:USDJPY   U.S. Dollar/Japanese Yen
244 15 10
THIS PAIR HAS BEEN CONSOLIDATING FOR QUITE SOME TIME NOW.
IM SHORTING BASED ON THE H4 BEARISH ENGULFING BAR FORMED ON RESISTANCE TRENDLINE .

PRICE IS ALSO IN BETWEEN 78.6% - 61.8% (RETRACEMENT OF BEARISH LEG).

H4 with false break and slight RSI divergence.
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UPDATE 1:
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moneymaking PriceActionTrading
Hey price, this could POSSIBLY turn into a 2618 trade setup. Thank you for pointing out the double top.
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Possibly my friend. More opportunities to add.
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moneymaking PriceActionTrading
Let's hope that tomorrow's news doesn't screw things up for us :)
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I do not mind myself with news. Just place SL at logical invalidation point and rest assured. If i get stop hunted so be it. But yea, lets hope tomorrow's news will work things out for us. Good to observe few minutes before the news release.
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moneymaking PriceActionTrading
True, in fact we're technical traders, we should be aware of the fundamentals but shouldn't trade based off of them. Stick to the technical side since price action tells us everything that we need to know. It's like the truth machine that will never lie :)
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Hi moneymaking, take note UJ broke down. You can find your 2618.
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+1 Reply
moneymaking PriceActionTrading
Hey Price, thank you for the reminder.

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+1 Reply
any reason why you chose 123.092 as target? I'm in from 124.38 but looking at possible lower targets for a longer term hold
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You could aim for lower possible targets. I do not aim for fanciful Risk reward ratios.
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