USDJPY: Structure based short

FX:USDJPY   U.S. Dollar / Japanese Yen
Hey traders,

So usually we have been going over harmonic patterns , but every now and then there are other opportunities that show up and if it fits in your trading plan, its a good idea to capitalize on that. This opportunity came from looking out at the daily, We started looking at the direction of the market and saw that it was bearish , so right of the bat, I am looking for only bearish opportunities. Taking a look at the h1 we can see how price violated those previous two levels of support confirming what we saw in the daily, so now what we have to do is look for a place that we can enter the market. In this case, we identified 3 possible entry levels. Depending on your risk appetite and your aggressiveness, you can look to make an early entry or you can be a bit more conservative and wait for a higher entry with better RR.

Just remember, DO NOT trade just because it looks like a good opportunity. Do the work needed to validate if this would work for you before throwing real capital to it.

Daniel Garnier - Founder of The Alcove Fx

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