Will bias be Bearish for Tuesday?
Hello again Everyone!
Im here to kinda give my take on the market and to see if anyone can relate if not its okay we are all here to share ideas on the market so I'm open to other perspectives. I am a ICT student so a lot of my technical analysis theories do originate from him. Just wanna put that out there. But I have been watching this pair well, for the sheer reason that this is one of the 3 that I primary engage in. what I have noticed is that there was a large imbalance on the daily timeframe. Once that happened there was a retrace into the FVG (Fair Value Gap) Since the FVG was on a daily time frame it looks so large in this chart but you can see that price has worked its way through it nicely. Before midnight New York time it has traded above the FVG. What I am looking for is the market to either trade higher and then shift or it could likely shift and start going lower I have Mondays open price at midnight annotated to show how far price has gone and what I can potentially see going into New York session. If there is a structure shift I will be hoping to participate in some shorts since my overall bias is bearish. at least for Tuesdays trading day. I haven taken into account of any news that could affect volatility as of yet which I will do when I finish posting this but I have a strong feeling prices can drop going into London session and continue into New York for Tuesday. We shall see!
USDJPY
Im here to kinda give my take on the market and to see if anyone can relate if not its okay we are all here to share ideas on the market so I'm open to other perspectives. I am a ICT student so a lot of my technical analysis theories do originate from him. Just wanna put that out there. But I have been watching this pair well, for the sheer reason that this is one of the 3 that I primary engage in. what I have noticed is that there was a large imbalance on the daily timeframe. Once that happened there was a retrace into the FVG (Fair Value Gap) Since the FVG was on a daily time frame it looks so large in this chart but you can see that price has worked its way through it nicely. Before midnight New York time it has traded above the FVG. What I am looking for is the market to either trade higher and then shift or it could likely shift and start going lower I have Mondays open price at midnight annotated to show how far price has gone and what I can potentially see going into New York session. If there is a structure shift I will be hoping to participate in some shorts since my overall bias is bearish. at least for Tuesdays trading day. I haven taken into account of any news that could affect volatility as of yet which I will do when I finish posting this but I have a strong feeling prices can drop going into London session and continue into New York for Tuesday. We shall see!
USDJPY
Trade closed: stop reached:
So I did engage in price in paper trading to test my entry. Unfortunately I set my stop below the previous high which price did make it to and traded above the previous high before making the large bear move. My stop was at 137.797 which kinda sucked but ya live and ya learn right.What I am really testing at this point is the concepts theories and how I can apply them to my trading. So far I have seen so much improvement in how I read price and that is what matters to me most. My strike rate can be worked on as well as my risk management and where I set my stops. Overall I think the analysis was well done.
