SmartTradingFX
Short

USDJPY: Short Opportunity - Making Risk Reward Work

FX:USDJPY   U.S. Dollar / Japanese Yen
629 13 15
Analysis on chart!

We got a lower low, lower close, signalling we want to be looking for Short opportunies! Ive highlighted previous structure where we may see a reaction! There is also Ratio Confluence in this area (red zone highlighted on chart)

Stops would have to go above previous highs so the only way we could potentially get involved on this pair is to shoot for the extended target at the 1.272 Fib Extension! This doesnt seem to be much of an issue as this falls within our next higher time frame structure (green zone highlighted on chart) aswell as having harmonic leg completion there too!

Hit that like button, share and comment away, I would love to hear your feedback on this idea! Your continued support is appreciated!

Ric

Smart Trading FX
Trade active: Orders filled at 121.20
Trade closed: stop reached: Moved stop once we broke structure, before price consolidated for a while and has now popped! Minor loss on this trade! Price did reach the higher time frame zone, just not quite enough to fill our targets!
I've been buying JPY all week and agree with you that the retrace is complete. Time to jump in again.

+1 Reply
AndrewFx2020 AndrewFx2020
All last week I mean
+1 Reply
SmartTradingFX AndrewFx2020
Sweet! Good luck bud, let's see how it plays out!

Ric
Reply
Agreed. I'm hoping to make some pips shorting this pair early in the week. In and out before the rate announcement on Wednesday (or at least get my stop up to BE, then sit back and hope for the best :-) Good luck to us both! Keep up the great work

Any ideas on GBPUSD for this week? I think I see a possible short based on fibs. Your thoughts?
+1 Reply
Thanks bud! I would think its wise to protect any open position, if possible! Good luck to you too and thanks for the positive comment and feedback!

I havnt had a chance to look at the GBP, i will take a look now!

Ric
Reply
SmartTradingFX SmartTradingFX
Reply
Took a look and found a Potential Bat Pattern setting up! You may have a different setup to trade that meets your rules and is in your plan!

Ric
Reply
I_see_BTC SmartTradingFX
Very glad to see that! Increased confidence = great way to start the week. Thank you for posting
+1 Reply
Your welcome! Good luck for the week! Trade smart!

Ric
Reply
Nice! Good luck
+1 Reply
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