In today's Live Stream we took a look at a CTS Structure trade on the USDJPY Daily/4 Hour Chart. CTS stands for "Combined Technical Score" & it's essentially a way to quantify the things that matter to you most on a chart so that you're consistent in your analysis & in the type of trades that you value/take.
For more on the CTS check out the March 15th Live Stream that we did here on Tradingview.
But what I'm looking for on the USDJPY is a retest & hold of the daily structure level which would provide us with a double top & a reason for entry. Why this opportunity stood out so much for me is because there is a massive amount of room to move to the downside which would allow us to have a really good risk reward profile if completed.
The one danger is that tomorrow (March 16th) is an interest rate hike day so you never know what that may bring but speaking from a strictly technical perspective, this is a GRADE A trade for me.
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