DollarBuddha

Dancing at the Lower Bound of 2Hr P-Channel...

OANDA:USDJPY   U.S. Dollar / Japanese Yen
---- ANALYSIS ----

... Similar to EURUSD             (but in opposite direction), price made dramatic move during last Friday's US-NFP announcement.
... (See related idea for additional US-NFP details)
... As of MON morning (EST), price is hovering at 110.50 (also a key Wkly S/R level )
... Price also moving Down from top of descending Wkly P-Channel (see snapshot for details)
... Any movement below 110.40 point to high-prob. BEARISH momentum.


---- ACTIONS ----

... Actively monitoring price action for SELL opportunities
... Conservative entry below 110.30 should provide 30 pips of "run" until key 110.00 level
... If price moves below 110.00 level, next key level is Daily Fib 50% level (approx 65pips away)


REF: USDJPY             Weekly


Trade closed: target reached: The "dance" has finally ended with a 55 pip breakout starting around 8:40pm (EST)...

IMPORTANT NOTE: I entered the market aggressively at approx. 11:30am (EST) when price first breached the 110.40 level (vs. waiting for price to break the 111.30 level)...

As such, I had to wait 8 HOURS for my trade to Take Profit..!

Just another 'lesson learned" in trading conservatively vs. aggressively... ;-)
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