When checking out the USDJPY
this morning, the first thing that I noticed was rotation in then tend. After getting rejected on a gap fill the market dipped lower breaking previous support and giving us a new structure low. As price action shows some relief and retraces back I was looking for an opportunity to get short as close as possible to previous structure highs. Looking closer I noticed that we actually had a bearish cypher
as well and BAM that was a good enough reason for entry for me.
So this is a scenario where I’m not just looking to play this as an advanced pattern
, but as a potential trend continuation trade as well.
*The "risk/reward" tool isn't quite accurate on the stop but I was rushing to get this posted before the move was made
Chief Currency Analyst at http://www.TradeEmpowered.com
Forex Weekend Review Videos: https://www.youtube.com/playlist?list=PL3pkGkL2zWpHt7X4ZeT0w0n6hk0C8Lwx1