$100k Challenge - USDJPY Short - E4 T2
Hey everyone!
And we have a new trading opportunity! I've been monitoring the price action in the USDJPY pair for the last several weeks. Since mid-March, the market has shown strong signs of a consolidation pattern in the 151.00 - 152.00 area.
In H4, we see how the stochastic is signaling an overbought market condition and a crossover, giving us some clues about a potential bearish movement toward the support between the 150.00 and 151.00 zone. If it's broken, this opens the door to a massive bearish movement that can reach the 146.50 area.
In H1 and M30 (the latter is shown in the chart below), we can see how the market has started to show signs of strong bearish pressure by constantly printing out large bear candles with small bullish pullbacks. Also, from those timeframes, we see a distribution pattern (Wyckoff) that just broke its support zone, showing us a good entry opportunity.
Regarding trade management, since we have inflation information coming, I'll keep a close eye on the trade. Due to the military conflict in the Middle East, we seem to have an environment keen on seeking safe havens, so I think the risk of trading through the inflation report is worth the potential reward.
Anyway, as always, make sure to follow me so you can stay up to date with the trade ideas I'm sharing!
Until the next trade:D
And we have a new trading opportunity! I've been monitoring the price action in the USDJPY pair for the last several weeks. Since mid-March, the market has shown strong signs of a consolidation pattern in the 151.00 - 152.00 area.
In H4, we see how the stochastic is signaling an overbought market condition and a crossover, giving us some clues about a potential bearish movement toward the support between the 150.00 and 151.00 zone. If it's broken, this opens the door to a massive bearish movement that can reach the 146.50 area.
In H1 and M30 (the latter is shown in the chart below), we can see how the market has started to show signs of strong bearish pressure by constantly printing out large bear candles with small bullish pullbacks. Also, from those timeframes, we see a distribution pattern (Wyckoff) that just broke its support zone, showing us a good entry opportunity.
Regarding trade management, since we have inflation information coming, I'll keep a close eye on the trade. Due to the military conflict in the Middle East, we seem to have an environment keen on seeking safe havens, so I think the risk of trading through the inflation report is worth the potential reward.
Anyway, as always, make sure to follow me so you can stay up to date with the trade ideas I'm sharing!
Until the next trade:D
Trade closed: stop reached:
Well, we had some massively positive data points for the USD, which sent the USDJPY pair in a steep bull run haha, still, part of the game!