fxstudent299
Long

USDJPY long idea - using the huge pin bar

FX:USDJPY   U.S. Dollar/Japanese Yen
152 4 1
...got stoped out today, probably as many others due to the size of the pin bar , which could give the next trading setup
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Second try to get USDJPY             long in the next days:
USDJPY             long idea:
long @ 118.85, SL@117.75 (-110), PT 121.60 (+275), R:R=2,5

- on 1d chart still strong UP-Trend, with price finding support at 20EMA
- 0.5 Fib-Retracement on the pin bar at 118.75
- strong, but today broken, support zone between 118.80 and 119.00
- if price<117.75, it is below 20EMA on 1d chart, which I dont like to hold on a Long
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Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.

what do you think for the current move for now?
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Sorry, dont fully understand your question about "current move for now".
I try not to guess what is "the next move". I prefer to see what is the current major trend on the daily charts and to rejoin that trend on 4h4 or 1h charts. The huge pin bar on 4h chart gave me a good entry at 118.85 some hours ago. As long as Risk-Reward-Ratio is greater 1,9 and my new position is opened in the direction of the major trend on 1d chart, I dont really care about the next move. Hope that helps.
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Sam0101 fxstudent299
thanks for that. But the current trend is bearish for now. Thinking of short around 119.4 to 118. Let me know what you think . Thanks
Reply
Not sure about "the current trend is bearish now". On which time frame is it bearish? On daily it is still above 20EMA, there are no lower lows and no lower highs, so on the daily chart it is still bullish for me. But there are other ideas and the one trader I follow, and respect his work, is also proposing a short here, so we might see, who is right. https://www.tradingview.com/u/justatrader/... In the end it is only importand that your R:R is good (>2.0) and the single positions are not too big
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