TradeYodha
Short

#USDJPY Short Idea (Butterfly, Harmonics, 200sma)

FX:USDJPY   U.S. Dollar / Japanese Yen
#USDJPY Short Idea ( Butterfly , Harmonics, 200sma)

@TradeYodha
TradeYodha.com

Further my analysis which resulted in very good profits:

Analysis:

1. On higher time frame it is ultimately forming Head and shoulders pattern
2. 10 sma has gone past 200 sma and 50 sma showing high downward momentum
3. Price is not stretched away from 10 sma indicating the transition coming back to it will be slower
4. 200 sma in the zone
5. zone has 38.2 retracement level of current leg
6. If the price retraces from the zone, it may form a butterfly patter for very good targets


Trade Execution:

1. Have 3 orders
2. First order will be a limit order with approx 1:1 R/R ratio
3. Second order and the third order will be put in if we get a confirmation in the zone
4. Second order have target of 127.2 extension
5. Third order will have target at the completion of butterfly pattern at 161.8 level.


News/Fundamentals:

27 April: 1:45pm USD Flash Services PMI
27 April: 11:50pm JPY Retail Sales y/y
28 April: 2:00pm USD CB Consumer Confidence

I would love to hear your opinion, feel free to agree or disagree in your comments. Please give it a (thumsup) if it makes any sense.
Update: First and second targets met
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