USDJPY Outlook 2/21

Overall bearish outlook on UJ, if structure gives short term buy signals, there may be buy opportunity early next week into continued sells.

Comment:

UJ Long Idea

Expectiing price to return to novice zone after breaking strucuture. smaller timeframe has shifted externally and internally.

Risks:
Small timeframe buy in a higher timeframe bearish trend.
Entry is at asia low liquidity (however asia highs and lows appear protected for JPY pairs)

Profit target is the asia high within novice zone

Comment:

Trade active. 2/21 is a US bank holiday. low volume.

Comment:

Added to position with tight stop due to shifts on 1 minute timeframe.

Comment:

Initial positions stopped out at mitigated SL. re-entered with tight SL

Comment:

Last try on UJ idea. Do not like how many times i re-entered this trade. next time just let original entry and risk play.

Comment:

UJ shifted externally off POI. Watching for internal shift, most likely will be bullish during Asia session.

Risks: There is an imbalance void below this POI, idea is that price will clear upside liquidity before filling it, however price could chose to clear this instead.

Comment:

UJ short idea

Structure fulfilled
POI fulfilled (RTO)
Liquidity fulfilled
Protocol fulfilled

Trade justified

Trade active:

Trade active

Trade active:

1st TP hit

Comment:

Price is ranging, SL moved to above structure.

Trade closed: stop reached:

Nothing lost here as you hit prop trading challenge profit goals.

However SL placed prematurely. Wait for a mitigation and a break of structure before placing stoploss. Your first take profit is what gives you the leeway to let price breathe.

Trust in your analysis until it is invalidated.