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.
snapshot

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P_Parker
2 years ago
Good Luck! I have that on my Watchlist, but in D1 it looks too bullish for me...
Maybe today Price forms a bearish Pinbar. That would be perfect ;-)
Reply
PriceActionTrading P_Parker
2 years ago
You are right. That would be perfect. I would add if that happens.
+1 Reply
moneymaking
2 years ago
Damn missed this one, will get on board if we can get a retracement :)
Reply
PriceActionTrading moneymaking
2 years ago
I hope retracement will come soon too. Im looking to add. Will update here if i do see any further opportunities.
+1 Reply
Yahia.Awes
2 years ago
This is an excellent call!
Reply
G_Man
2 years ago
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
Reply
PriceActionTrading G_Man
2 years ago
You could aim for lower possible targets. I do not aim for fanciful Risk reward ratios.
Reply
UPDATE 1:
snapshot
Reply
moneymaking PriceActionTrading
2 years ago
Hey price, this could POSSIBLY turn into a 2618 trade setup. Thank you for pointing out the double top.
Reply
PriceActionTrading moneymaking
2 years ago
Possibly my friend. More opportunities to add.
Reply
moneymaking PriceActionTrading
2 years ago
Let's hope that tomorrow's news doesn't screw things up for us :)
Reply
PriceActionTrading moneymaking
2 years ago
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.
Reply
moneymaking PriceActionTrading
2 years ago
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 :)
Reply
PriceActionTrading moneymaking
2 years ago
Hi moneymaking, take note UJ broke down. You can find your 2618.
snapshot
+1 Reply
moneymaking PriceActionTrading
2 years ago
Hey Price, thank you for the reminder.

snapshot
+1 Reply
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