Waiting for a clear entry signal (using inside bar with confirmation) before entering short position. Depending on the strength of bearish movement, will determine how many trades are entered and how far down I take ti.
Saw this short coming to fruition but got distracted. By the time I got back to the chart, it would've triggered given the reversal signal I use and the trade would currently be profitable. This is good for confidence building in my trade analysis.
Depending on whether or not a clear/somewhat clear price action reversal bar shows at or near my stop limit trade, I am expecting the UJ to go bullish on bouncing on support. If no bounce, then on down with the bears for now.
Well, Im still bearish on JPY pairs (GJ, EJ, UJ). Price is working it's way through the STRONG support/resistance at 101.30-100-632. MACD shows continued bearish momentum on daily, weekly, and monthly. Overall trend from 1h up to monthly is continued bearish with no clear signal for reversal at this time. Will continue to short EJ, GJ, UJ pairs unles support...
After carefully considering what the Yen pairs are doing, despite the recent long term down trend, it looks as though GJ may start recovering in it's price. Im not 100% about this trade, but honestly, we never really are. I will attempt a fairly long term LONG with this trade and see how it works out.
Looking at the monthly, weekly, and daily downtrends, it appears that the downtrend increased just prior to brexit. This indicates an increase in seller activity. Looking at the upper trend line, price rejected from the 106.5 resistance level, attempted briefly to go to 107.5 where it was sharply rejected. Seeing this consistent rejection of resistance levels,...
After analyzing this and struggling with my own bias, the daily close pin bar has, for now, persuaded me to long the GJ for a while. Let's see how this works out.
MACD supporting bullish movement.
Stoch supports bullish momentum for now, too.
Still somewhat undecided on GJ. However, with price currently testing the 137.7 support again, if price breaks below could see price down to 136-135.5 are before resuming potential bullish momentum towards 145 area. Short active. Long pending.
Market seems to be taking a nap today after the large bullish movement from the BoE and BoJ intervening, as well as, the new UK PM being confirmed. It will be official today. I am biased towards a stronger LSE:GBP and a weaker JPY . Pending long set.
Overall, long term analysis shows a bearish sentiment towards most, if not all, Yen pairs. I am thinking the UJ, EJ, and maybe even GJ pairs will continue their bearish trends with minimal retracements even with the BoJ stimulus being introduced. I could be wrong but time will tell..
Bearish downtrend in !H and higher timeframes looks to continue as the bearish flag completes it tiresome journey. However, a rule of thumb to trade by is to "Never Fade the Momentum". So I won't. At the completion of the bear flag I will enter a short position and ride the GU/GJ pair to their new lows. Not at the same time, either, since there is no point in...
After careful consideration and analysis, I am continuing my bearish sentiment towards GU. Yesterday, we saw price surge to a new 31 year low ( 1.27890). When looking at how price has behaved since then, price jumped back to nearly cross 1.300 before making a few more attempts to drop. The overall view is a bearish flag pattern taking shape. Pending order set...