We broke this pair down pretty well in the membership coaching call, so it may look a bit familiar if you were in the call. I am looking for a rise up near kijun sen and previous price structure to look for a sell opportunity. As an alternative, if we continue this bearish run right out of the gate at market open, we can look to sell at a break of price structure. It will be interesting to watch as this pair progresses with the increased FED talk about interest rate cuts. JPY and gold tend to be the go-to for investors looking for a safe haven during times of uncertainty, so we may see a slow migration to the Yen over the coming months. If we fail to get rejected or break support, this setup may become invalidated.
The alternate entry of a break of price structure was triggered and went into profit. It went a good 60 pips or so in profit before coming back up to take out an adjusted stop loss in profit.
The808Trader
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We ended up with our alternative entry with a break of price structure support and went well into profit before this current drawback. I've already taken partial profit and am looking for another sell entry if we see a rejection here near the blue horizontal line I drew (which is price structure s/r).