FX:USDJPY   U.S. Dollar / Japanese Yen
32 4 1
UJ
can you explain what this is showing please?
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bpryor22 AmeerAwan
Yes Ameer, We see a declining market in the UsdJpy pair. I expect it to fall to my monthly key level (yellow line). On higher time frames, specifically the monthly, we can see a very strong bearish movement displayed as a double top, some may even view it as a head & shoulders formation. We also finally seen a cross of moving average on the monthly, weekly, & daily, confirming that the overall trend bias for this pair is bearish.My black line is my weekly key level. We seen the market have some indecision at this line initially but eventually we seen a break & a retest of it. This was a perfect entry opportunity. My aqua zones are my daily key level zones. This is where i look for daily re-entry or places where the market could struggle, & even perform pull backs or retests. My red lines are daily key levels, drawn to display specific areas where the market has spiked to & tested. They are also great entry opportunities. The blue is my H4 key levels. These levels specifically are where I place my entries. As for my trend lines, the one closest to price is my Inner trend line. Drawn on the H4 chart. The next one is my Outter trend line, drawn on the daily. The last one is my true trend trend line, drawn on the weekly. Each one plays significant roles in keeping up with the trend, entries, and possible counter trend moves.
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AmeerAwan bpryor22
thanks a lot i really appreciate it.
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bpryor22 AmeerAwan
No problem. Hit me back if your interested in learning more.
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