Hello traders, today we have ourselves a lovely USDJPY short. This trade is currently within 10 pips of entry, I still believe there will be a head & shoulders formation however we may miss our entry on this trade by a minor amount of pips.
Confluences:
Structure Level
Head & Shoulders formation
USD Weakness & JPY Strength creating resistance
With this trade we have ourselves a lovely R:R (Risk:Reward) of 1:11.3! This is a insane ration and definitely not one to miss. We have a 30 pip stop loss for our trade which is above the previous structure level.
I have set 2 Take profit zones for this trade, The first profit taking area is at 180 pips at 109.13 Our second profit taking area is at 340 pips at 107.5
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Trade closed: stop reached
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Stop loss hit We have failed with our first scenario and scenario B is where double top is formed and then reversal. Reentry at 111.6
@taikhoanlamtien111, Please share you reasoning personally i believe this will short as we have usd weakness and jpy strength
taikhoanlamtien111
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@Pips-Collector, The "three white soldiers" candlestick pattern appeared on the USDJPY chart at the end of last week.
The "three white soldiers" candlestick pattern is a pattern with a higher closing price for 3 consecutive days
It was formed from the bottom of a sideways range, which is a strong reversal signal
We will buy when the price corrects (buy on dips) at 110.05
Pips-Collector
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@taikhoanlamtien111, Fair enough, i can see where you are coming from, however there is alot of resistance in the 111 zone. This is potentially forming a double top or a head & shoulders formation, this is my analogy, however i understand your point of view. I believe the 3 white soldiers candlestick pattern is a impulse which should correct soon
taikhoanlamtien111
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@Pips-Collector,
The current price is above the "first shoulder". I think it will go up and above the "head" to create a bullish line connecting the 3 peaks