My apologies for the cluttered chart, but there's a lot going on on this pair & I wanted to show you everything that I took into account when performing my analysis on this pair.
Last week we identified a potential Head and Shoulders pattern setting up on the USDJPY and we ended the week with a confirmation of that reversal pattern with the break and close below the neckline. I'm now looking for a retracement higher and the opportunity to jump on the next extension down.
In order to project the first level that I'll be keeping an eye on for a potential reversal I used my Fibonacci Tool to find confluence between retracement, extension & inversion levels. I also used a project equal measured move along with "LOOKING LEFT" of course.
The same was done to project an initial level that I could consider for profit taking.
Again my apologies if it's a little confusing but I just uploaded a 30 minute video walking through this entire setup if you need a better visual.
Good luck in the markets this week traders. I wish you all the best, and I appreciate all of the support that you've shown since I've found time to become more consistent here on Trading View.
Keep it up and I appreciate each and every LIKE & COMMENT!!
In my view the nearest target lays at 111.40 area - this coinsides with support on 1h chart and equals h&s hight. Will see if it goes lower.
TradZ
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@NikM75,
I agree but am being a bit greedy going for 111.093 BUT may just go with 111.493 as I'm now SHORT @112.493 ;) I WILL MOST likely base my final decision after watching it f0r awhile seeing how it behaves.
Akil_Stokes
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@TradZ, If you can admit that you're being a bit greedy, that may be a warning sign to adjust
TradZ
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@Akil_Stokes, You are absolutely correct ;)
I should have not jumped into the trade so quickly, especially on a Sunday ha! I usually don't trade on Sundays unless see fit, but was rushing it due to me being busy with my other businesses. Had me out of focus SMH
I got out of the trade to head up a bit with it and will SHORT it later on when see fit ;)
Thx
Keep up the great work
Akil_Stokes
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@TradZ, No problem, hopefully you'll learn from your mistake and use it to become a more efficient trader down the road
TradZ
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@Akil_Stokes,
I'm already efficient thank you very much ;)
I just made a mistake last night no problem!