avidtrader89

Here's a quick USDJPY short I took earlier for 50 pip profit

FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
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For this trade, I took a position short based of the following:

- Overall momentum was bearish
- Daily direction prediction (DDP) was bearish
- Daily pivot point coincided with the 20 EMA on the hourly chart and previous support zone
- Price made a lower low from 5 days prior
- No resistance areas in the way of 50 pip take profit
- 20 EMA below the 50 EMA and 50 EMA below the 100 EMA
- Daily, 4HR and 1HR charts confirmed same analysis

I don't always trade from pivot points , but occasionally it acts as a good confirmation of a trade if it aligns well with other factors of confluence.

Happy trading everyone!

AvidTrader
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