Description
⋅ 27 - July - 2021
USD JPY SHORT
Trade it based on what market will do next hours
I used 100 MA and 3 MA to define the trend on daily chart.
I used fibs from lowest point after trend changed to see the levels
On daily/ weekly/ monthly chart I identify " Bearish Harami " that indicate me a possibility of trend change .
Bearish scenario :
I aim for the lowest price of the month
If current 4 H candle will close under 110.000 I will go short using following entry price, stop and TP
I will entry at 109.980
My SL is @110.230 that's 250 Pips lose
My final TP is @ 109.083, that's a 897 Pips gain
Overall I have 3.59 R/R
After price hit at least 1-1 R/R, I move SL to entry point so I will limit any kind of loses.