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#USDJPY Daily Butterfly Pattern Short Idea

FX:USDJPY   U.S. Dollar/Japanese Yen
#USDJPY Daily Butterfly Pattern Short Idea

1. RSI divergence showing up on 4H indicating slowing momentum but is not double top
2. round number 122.00 confluences with fib extensions
3. Price is not oversold yet. There is still room for upward movement before it hits the zone
4. 50SMA can give us our first target

Hope this give you some useful ideas, don't forget to hit the like button :) Thanks
FeelsFX
2 years ago
the 886 B is for deep crabs. They also require 1.618XA D point.
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FeelsFX FeelsFX
2 years ago
786 is for butterflies and they also require 1.27 D point
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TradeYodha PRO FeelsFX
2 years ago
Thanks for pointing that out. Appreciate it. But I trade butterflies a little different. The B point must be at least 78.6 but must not touch 88.6. I agree on 127.2D.
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riskmode TOP TradeYodha
2 years ago
Do you seriously make money trading against the trend like this using dodgy ratios?
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TradeYodha PRO riskmode
2 years ago
Thanks for your comments. The zone is there and I will wait for confirmation to open a position in that zone. I also will adjust my position size to my affordable risk.
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Update: The price has been in the zone and now showing weakness.
snapshot
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Update: on hourly time frame it is showing double top with 2618 short trade setup.
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Update: huge pin bar forming on daily chart
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TradeYodha PRO TradeYodha
2 years ago
Update: Inverted flag being formed along with BAT, possible downwards movement expected.
snapshot
snapshot
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update: this may give us another short opportunity with possible cypher pattern and harmonic move
#USDJPY Short Idea (Bat, Cypher, Harmonics, Structure)
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