Hello traders around the world !
Lets talk about USDJPY.
First of all, if we look on the weekly chart, the price is reaching a strong mass psychology since 1998.
As you can see, the price might give us two scenarios:
The first scenario is on the probability area heading towards a trend line + double top & waiting for the third touch there. Once the price reach this area, I will be focusing on taking a reversal pattern (1H or 15 min Chart) to short.
The second scenario is the best. WHY?
Because the upper trend line creates an intersection with the rejection line (Mass psychology) which shows us a better confirmation for a short position in this area if the price gave us a clear reversal pattern there.
Patience is key.
Have a great week traders!
#THEPRIMES
Lets talk about USDJPY.
First of all, if we look on the weekly chart, the price is reaching a strong mass psychology since 1998.
As you can see, the price might give us two scenarios:
The first scenario is on the probability area heading towards a trend line + double top & waiting for the third touch there. Once the price reach this area, I will be focusing on taking a reversal pattern (1H or 15 min Chart) to short.
The second scenario is the best. WHY?
Because the upper trend line creates an intersection with the rejection line (Mass psychology) which shows us a better confirmation for a short position in this area if the price gave us a clear reversal pattern there.
Patience is key.
Have a great week traders!
#THEPRIMES