USDJPY - Bearish Shark completed, short on retest Short

U.S. Dollar/Japanese YenFXCM

Description

⋅ Mar 12, 2017 3:02 AM

Hey guys, this is a great setup on USDJPY.

I am expecting it weaken next with a retracement on the USD.

Pattern Identification

USDJPY has completed a bearish shark last Friday at 115.37.

It has since fallen about 60 pips.

Trade Execution

At this current price, I will only go short if it retests the zone between 115 to 115.30.

I will monitor for reaction at PRZ zone, which could be pinbar or engulfing reversal candlestick pattern at that zone before I go short.

SL has to go around 115.70 and TP will be right back at 112.80.

This pattern will be invalidated if it goes above the PRZ and hits the SL level.

Comment

⋅ Mar 15, 2017 1:02 AM

USDJPY is forming a bearish shark on the m15 chart.

Initial idea has yet to change, will be monitoring for weakness to short this around 115.30 - 115.40.

Trade closed manually

⋅ Mar 16, 2017 4:11 AM

Price fell without retesting 115.30. Still a great pattern completion, but I missed this one.

Comment

⋅ Mar 19, 2017 3:17 AM

Another great setup that I missed by being too cautious.

Price hit 112.80 as predicted 2 weeks ago after a retest of the PRZ last week.

Hope I will learn from this mistake the next time.

I have to stop fine-tuning my SL so much that I miss the entire profit ride.

Comments

marcus1983

⋅ Mar 16, 2017 4:31 AM

Same same. I shorted but exited before FOMC becos of emotional uncertainty. But good lesson learnt on this trade, price might not react according to news

TerryHarmonicTrading

⋅ Mar 16, 2017 4:57 AM

@marcus1983, Yup, and I think it partly greed trying to get in at best price. Good lessons all the time.

HumaaAli

⋅ Mar 12, 2017 8:57 PM

Nice
Keep updating us please