Comments on the chart. This idea is based on a trendline break and a bearish MACD
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Trade idea is still intact. Pair attempted to move up but failed. Risk aversion in play today in the markets which is generally good for the JPY
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Idea still in play as price has not closed above the trend liine
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Boom!!!
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GoodLuckbabe
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my friend you are a very experienced guy i think we have not broken the bullish trend channel and the price is still playing in the channel and we may see bulls back in coming weeks this is a just minor change in the structure and the broken line is not a trend line here is the example bro
Olu
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I hear you Imran. Drawing trendlines has always been subjective to traders. Your scenario is very possible. Hence the reason why I have stops on my trades. Nobody knows what the markets will do and as technicians we just try to interpret the markets as we go along.I have tight stops if I am wrong. And I have been wrong many times before. What is unforgivable is not sticking to the trade idea.
GoodLuckbabe
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thats wright i am fully agree with you sir no one can predict this market %100 into their way every time but what we can do just minimize our mistakes. i hope price will go into your way good luck sir.
GoodLuckbabe
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https://www.tradingview.com/chart/USDJPY/PBuuIg2T-PRICE-IS-BREAKING-THE-DESCENDING-CHANNEL-FOR-UP/ these are my thoughts sir
GoodLuckbabe
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these are my thoughts sir
GoodLuckbabe
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and the bigger picture
Olu
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Hi Imran
Your EW count idea is very possible. I also believe jpy will get weaker long term. However I believee this will be after a bout of strength. A lot hinges on the stock market. If risk aversion enters he market then tock market will fall and people will run into jpy for safety. At the moment the market is poised for a fall. We will see how this plays out. I am not married to to the idea of only a fall will happen. I am a trader and will go with wherever the market is going but it has to first negate my current stance.
GoodLuckbabe
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yes Olu sir what do you think now this is what i was expecting at that time price will not close below the pin bar cause pin bars shows the strength of particular trend i hope you made some pips when there was bearish trend now let see will we see break or one more down move one more down move is possible but the impulse is very sharp it may break on this impulse.
GoodLuckbabe
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Olu
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Hi Imran. I have no choice but to get bullish now. I have made some $ being bearish usdjpy. So now the true trend is coming back. So I think we need to position long looking for 135 area.