KhaleemAli
Short

USD/JPY SHORT - Long-term, weekly trend line bounce

FX:USDJPY   U.S. Dollar / Japanese Yen
I've opened a short position on USD/JPY             . I looked at the weekly chart and saw the chart was making LL's and LH's, so the overall trend is bearish .
In addition, there is a trend line which the price rejected, as displayed on the chart.
I also used a fib from the swing low to high to see where I should have a take profit. However, the 0.328 level was below the weekly support, but I played it conservatively and placed my TP slightly above the weekly support level .
I believe the pair will continue the downtrend further below to the monthly support level and maybe lower, we will do further analysis as the chart develops.

SL @118.396
TP @112.699

Comment: looking at the H1 chart, there was a H1 trend line break before i entered the trade much closer to the weekly trend line, which would have made the SL much tighter and the R/R very high. Didn't spot this however as I didn't go down to the H1 timeframe. Learn from failures and become stronger.
However, still a very good setup with a R/R @ 2.0.
Trade closed: stop reached: Doji spike caused SL to be taken out due to being too tight, now is moving in desired direction.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out