Greetings Everyone,
Looking at the price action and recent daily trade action for USDJPY it appears we may have a much stronger reason for a Short opportunity. Since mid-october USDJPY is on the verge of completing what appears to be a very steep ABCD Structure, the completion of this pattern lines up with the remaining S/R Channel that this pair was trading in during the first half of 2015.
Trade Opportunity:
Sell Limit 123.50 - or Manual Entry based on preference
Stop Loss 125.50
Take Profit 120.20
Additional Comments:
Please do your own analysis before entering a trade and feel free to comment, "like" or follow. If there is a pair or time frame you would like me to take a look at, I would be more than happy to, just send me a PM with the details.
Looking at the price action and recent daily trade action for USDJPY it appears we may have a much stronger reason for a Short opportunity. Since mid-october USDJPY is on the verge of completing what appears to be a very steep ABCD Structure, the completion of this pattern lines up with the remaining S/R Channel that this pair was trading in during the first half of 2015.
Trade Opportunity:
Sell Limit 123.50 - or Manual Entry based on preference
Stop Loss 125.50
Take Profit 120.20
Additional Comments:
- Look for not only Bearish Price Action around this level, but also a Bearish Daily Candle close to help support this trade.
- Trade would be invalidated if daily candle closes above the blue resistance line drawn.
- Keep in mind that overall USDJPY is still technically in an uptrend so make sure to use the previous two points to your advantage.
- This is the only USD pair I'm seeing this kind of opportunity on so it is likely not to be related to the US Dollar like the NFP moves of Friday were.
Please do your own analysis before entering a trade and feel free to comment, "like" or follow. If there is a pair or time frame you would like me to take a look at, I would be more than happy to, just send me a PM with the details.
Comment:
Recommend Closing Trade Manually with approximately 60 pips of profit or setting stop loss to break even at 123.50 and look for lower lows. 4 hour structure is beginning to look more and more like bullish consolidation, like a flag. I'm not placing a buy position, I would prefer to buy closer to the 120-121 level if I do. Any questions/comments feel free to ask.
Comment:
I'll look for bearish price action along the trend line again for a possible re-entry short back near 123.60. As per the initial trade opportunity, this short setup is invalidated should the market put a daily close above the trend line, let's call it 124.00 or higher.
