One of the more interesting pairs on my radar this morning is the USDKPY as it offers 3 different trading scenarios.
1 - We currently have a double top at previous structure (looking left) which can be used as an at market short entry.
2 - A violation of this double top (and previous structure looking left) should sen the pair higher to the next level of structure offering a bullish breakout or breakout & pullback trade.
3 - If the market does retace from the current level, price may complete the right shoulder of a potential head & shoulders bottom pattern offering a bullish opportunity at either the right shoulder or a break of the neck line
1 - We currently have a double top at previous structure (looking left) which can be used as an at market short entry.
2 - A violation of this double top (and previous structure looking left) should sen the pair higher to the next level of structure offering a bullish breakout or breakout & pullback trade.
3 - If the market does retace from the current level, price may complete the right shoulder of a potential head & shoulders bottom pattern offering a bullish opportunity at either the right shoulder or a break of the neck line
Comment:
*USDJPY not USDKPY lol
"The Trading Coach Podcast" - Available on your favorite podcasting app!
anchor.fm/thetradingcoachpodcast
anchor.fm/thetradingcoachpodcast