FX:USDJPY   U.S. Dollar/Japanese Yen
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If UJ manages to pass down the 98.50s we can look at the cypher to complete and go long. On a D chart we see UJ enter is compressing around 99 forming a triangle which can break out either way some time next week depending on news.
However, there is a larger bearish bat on the same TF with D on 100,86. UJ seems to trade sideways and we have to wait for breaking structure.
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Gino fximperija
Darn it, I entered short @.77 and got nocked out at my SL .97. I didn't expect it to go back up there.
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Didn't you see the major level at 98.5? I posted about that level in the first place. UJ came down and bounced at that level and made a HH. Came down again and bounced for the second time at the same level. The H4 candle spiked through but closed above. False breakout indication and went up again. That's why I mentioned the 98.5 as a sign of resistance. If UJ manages to break 98.5 than, only than we can look at completing the cypher. However, UJ can continue lower, cyphers are 80% accurate.
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Gino fximperija
I guess no I didn't see it. I opened another short yesterday @99.20, got nocked out, then the price went back in the direction I expected,99.06. Darn it, I can't place my SL correctly.
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What made you think to go short @99.20? @ that point you had a HH and HL. Those patterns are there for a reason. If they complete there is a high probability of a successful trade. I really can't see why you entered short @99.20? If you got long, that would be reasonable, bouncing of the support @99.20, otherwise, hm...
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Gino fximperija
I was aiming for 10-12 quick pips. Had I placed my SL correctly, I could have pocketed those pips. I can't get the SL right for some reason. :-)
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Well, quick scalping is what I do too. The thing is you have to study the PA very carefully, the current trend, RS lines, candle formations etc... It's exhausting. Never enter trades with greater risk than reward. the RR should be at least 1:1 or better, otherwise I skip the trade. If you aim for 10-12 than your SL should be the same. Don't risk 20 or 30 for 10, ever! You'll end up blowing your account.
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So, what do you think after the gapping down today??
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Well, the pattern is still valid. The gaping shows that the compression takes on (look at the D chart).
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