dont u think somehow 119 provides a strong support?
Casey_Yeo
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It may...but I dont know. I was too rash to trade these two pins. It may just bounce fron this 119 zone and form another pin when this candle close at 2 am Singapore time but I will be asleep then. Bad trading for me. Just bad trading..
angmohlin
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Hi Casey, you are not wrong to adopt the strategy of to long when pull back in particular USDJPY is in strong uptrend. You just got no luck. Too bad.
Sam0101
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USDJPY is on speeding recovery. Any sights on the current move?
angmohlin
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Lower Highs & lower Lows from all the smaller time horizon charts are bad signal. Likely to retest 117.929 level. In 1 minute chart there is a potential Head & Shoulders pattern. I am favour short position. Just my 2 cents & I may wrong. Caveat.
Sam0101
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Are u going to short now at 119.3 to 117?
Casey_Yeo
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You may trade the huge pin bar right at support zone in H4 if that fits your plan. Your SL placement need a bit of thinking here though...
Casey_Yeo
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seems like luck is never on my side this year whenever I trade JPY pairs. Objectively, the currently pin bar in H4 right at the support zone should be the pin to trade per my plan, not the previous two pins. But I have made a vow to myself to only trade daily signals from now onwards given my poor record of H4 trades. These H4 trades just wiped off huge chunks of profits made from daily trades. Good luck if you are shorting...it is probably time for JPY to take a break until after the Japan election.
angmohlin
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Frankly speaking luck is very important in any kind of trading. I am lucky that I have able to spot the short signal from various smaller timeframe charts. However, regret to say that I have missed a boat to short at 119.388. I am newbie and too slow to act. I just started learning how to trade forex market in early June 14.