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MtxTrader
Mar 6, 2017 2:12 AM

USDJPY 4h Short Off Resistance Trendline Rejection Short

U.S. Dollar/Japanese YenFXCM

Description

So we have a valid trendline with 3 points on it, and UJ hit it once more during last Friday. I shorted it for several reasons:
1 - Rejection from trendline
2 - Price filled the gap and then went back down
3 - Price became overbought when it made a LH
4 - Bearish engulfing candle on Friday's close
5 - 1h double top formation with broken support and retest of broken support as resistance

Even so, this trade can go against me, so I only risk 2% of my account as always, on every trade.
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