If you are a swing trader and/or trade higher time frames it helps to understand the market from a higher time frame perspective. That's why "Top down" analysis is important.
Getting the "bigger picture" will help determine the overall trend of the market and you can trade accordingly.
This pair broke the high of 147.67(Aug.98) in October of last year reaching 151.95 before spending the rest of that year retreating to 127.25 where it started its upward trajectory at the beginning of this year(2023)
Notice the H & S break out and pullback? That took eight months to play out from April 2022 to January 2023.
WHERE IS USDJPY HEADING? THE 64 MILLION DOLLAR QUESTION:)
Bullish price action - we can reasonably assume it will test the highs of October 2022 i.e. 151.50 . Beyond that we have the April 1990 high of 160.50. That price could be met by the end of this current year.
Any thoughts welcome.
Getting the "bigger picture" will help determine the overall trend of the market and you can trade accordingly.
This pair broke the high of 147.67(Aug.98) in October of last year reaching 151.95 before spending the rest of that year retreating to 127.25 where it started its upward trajectory at the beginning of this year(2023)
Notice the H & S break out and pullback? That took eight months to play out from April 2022 to January 2023.
WHERE IS USDJPY HEADING? THE 64 MILLION DOLLAR QUESTION:)
Bullish price action - we can reasonably assume it will test the highs of October 2022 i.e. 151.50 . Beyond that we have the April 1990 high of 160.50. That price could be met by the end of this current year.
Any thoughts welcome.
Trade closed manually:
Traders, this is a trade i took last night.
Check the TIMING. I've published something on this, check it out.
Trade executed around 15:00(3pm London, 10am NY) at DEMAND AREA after LIQUIDITY SWEEP with a small stop loss of 15 pips.
Result: + 50 pips
Check the TIMING. I've published something on this, check it out.
Trade executed around 15:00(3pm London, 10am NY) at DEMAND AREA after LIQUIDITY SWEEP with a small stop loss of 15 pips.
Result: + 50 pips