USDJPY 60min Bearish Trend Continuation Trade (TCT) Short

U.S. Dollar/Japanese YenFXCM

Description

⋅ Jan 26, 2016 9:30 PM

This is a bearish TCT setup to get us back in the direction of the overall Bear Trend.

This trade is @ Market since we are banging up Resistance. Since we are so close to Resistance this trade gives us a good Risk/Reward.

Stops - 1 ATR above last swing high

Target #1 - Retest of Previous Lows

Target #2 - 1.27% Fib Ext

Trade closed: stop reached

⋅ Jan 27, 2016 9:38 PM

Comments

ATraderati

⋅ Jan 26, 2016 9:43 PM

Love the idea! Quick question, how do you determine what the ATR is?

PateSkpate

⋅ Jan 26, 2016 9:56 PM

Thanks man! It's an Indicator that almost all platforms have.. It stands for "Average True Range".

rozela99

⋅ Jan 26, 2016 10:22 PM

It's great to see your trade set up. I got short this pair today in the live room. I spotted a bear Cypher. Akil, said it wasnt a pattern for him. I saw it I trade it. I dont care what he thinks lol. Good luck.

PateSkpate

⋅ Jan 26, 2016 10:26 PM

Thanks man! I caught the end of the Live Room today and I think I heard that conversation.. Don't remember.. Sometimes I get busy on the LTF's and only hear bits and pieces. LOL!! I won't tell the big dog that you said that :)

rozela99

⋅ Jan 26, 2016 10:28 PM

Lol thanks!