USD/JPY bearish stair step formation Short

U.S. Dollar/Japanese YenFXCM

Description

⋅ Dec 19, 2016 7:50 AM

H4 - bullish market, making a retracement
H1 - downtrend after consolidation indicating that a retracement has started (red line). Waiting for a retracement from the downtrend to get short

M30 - bearish stair step trade (61.8 + 1.618 inversion)
Entry - 61.8 + 1.618 inversion
Stops - above previous highs
Profit - 1.272 extension