USDJPY: Short Opportunity - Making Risk Reward Work
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
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!
