Balazs
Short

Feeling Good About Selling

FX:USDJPY   U.S. Dollar/Japanese Yen
78 0 8
We have some good confirmation for a SELL opportunity as we speak:

1. Recent double top and retraced to 618+ level (2618 valid)
2. Higher time frame down trend
3. Price bounced off top trend line a couple of times and didn't break

Good risk to reward ratio.
Comment: Any emotions yet? If you entered at the 786 level then you're enjoying the slight profit so far, if you entered a little more towards the 618 then you're in minus for quite some time during this longer term trade. It's a time to remember why we entered the trade in the first place and hopefully it was based on more than just a gut instinct or random mouse click.

We broke above the higher time trend line and if it consolidates it may continue up, therefore hitting stop loss on the current trade. No worries though, then there is potential opportunity to make up for the loss. Keep in mind we also have a double top on the 15 minute time frame (see below) which could result in a decent drop. Either way (up or down) we should have a plan.

snapshot
Comment: So we got the drop from the double top and actually if you look again there were two (one within the other), theoretically a trader would have opened two positions and rode both down into third and fourth targets.

snapshot
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