USDJPY H4 Bearish Bat Completion at Sell Zone
Found this Bat completing at my Sell Zone and also previous Resistance Line.
Usually I am the "Set & Forget" type of trader, however for this trade I am taking a more conservative approach due:
1) I am looking to short, which is against the uptrend it is having now after the flash crash.
2) Many traders will be looking to sell here since it is a resistance level. I am cautious of a Bull Trap.
3) I am not convince if RSI cant show me Overbought.
To look out for the standard reversal candle formations and possibly a deep entry into the zone, lets see how this plays out, I have set an alert to notify me when price is near my zones. I highly recommend traders to make use of this function to reduce your screen time and engage in more meaningful activities in your lives. End of the day we trade to free up time for our other priorities in life isn't it?
Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Usually I am the "Set & Forget" type of trader, however for this trade I am taking a more conservative approach due:
1) I am looking to short, which is against the uptrend it is having now after the flash crash.
2) Many traders will be looking to sell here since it is a resistance level. I am cautious of a Bull Trap.
3) I am not convince if RSI cant show me Overbought.
To look out for the standard reversal candle formations and possibly a deep entry into the zone, lets see how this plays out, I have set an alert to notify me when price is near my zones. I highly recommend traders to make use of this function to reduce your screen time and engage in more meaningful activities in your lives. End of the day we trade to free up time for our other priorities in life isn't it?
Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Order cancelled:
Price didnt mange to test the PRZ level of the Bearish Bat and fell off strongly suggesting a change in trend. Will be looking out for entries to short this pair.