austinlmkc
Long

USD/JPY - Fibonacci Retracement & Double Top

FX:USDJPY   U.S. Dollar / Japanese Yen
4HR and 1HR Timeframe depicts a double top . Price broke the neckline and is now currently retracing. Price is sitting at Fib Level 38.20% (Green Zone) - Price action indicates that bears have some momentum. I think bears will start to reach resistance right around Fib Level 50.00% if bears continue to remain strong last enter could be around Fib Level 60.00%. If bears show no weakness and close pass the final price entry I would consider this trade a no go as rules would be broken. Ultimately looking for some signal of price action to enter the trade.

Note: There are two key levels that price is currently heading towards. Be on the lookout for some consolidation and signs of entry at these areas of possible opportunity.

Trading Journal #12

- Austin S.
Comment: I noted a "Double top" formation as it sounded right. The correct term would be a "Double Bottom." It's the same thing except this signals a reversal at the support level.
Great Setup following you now :) , I have a Long position running on USDJPY right now what do you think?
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