VitruvianTrader
Short

USDJPY Bearish Analysis

FX:USDJPY   U.S. Dollar/Japanese Yen
In this analysis I highlighted a double-top formed off during last week's trading
We now approach the downwards sloping trendline and the structure zone (red box)

I will be building a short position. This trade has two target areas, each represented by a green box.

The red horizontal line and green horizontal line on top and bottom of the chart represent the D point completions for the Gartley & Bat patterns from last weeks post.
Comment: + 60 pips ready to take off profits at target 1
Comment: Stopped out at 101.85 for +55 pips
Comment: Target 2 was eventually reached (which triggered my long position - check most recent post), but would have been stopped out by the volatility first.

Never be scared to pay yourself, we work so hard in this game, where anything can happen, especially in volatile news hours. So I could have gotten 100+ pips but I am happy with 55 over a loss. Hopefully my long position will do as predicted.

I also believe it is better for the psyche to have a higher winning % , as opposed to shooting for home runs all the time and having a lot more losers. Cheers.
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