This trade is linked with the other USDJPY:
I've palced a different buy limit entry with some adjustments to the trade management - Bias / Setup is still the same (LONG) as mentioned in the previous idea.
- 2 Trade entries (instead of 1) @ 100.18
- Stop Loss is...
See the above picture for Macro Analysis
-Trading to the spike base
-Double bottom pattern
-Will only be entering 1 trade with 1 TP
-Buy Limit placed @ 100.00
-Stop Loss @ 99.56
-Target Profit @ 101.065
A small note: I may be entering this trade a little early (reason for entering early is...
-As in the above picture its a congested area and price is failing to make new highs
-Number of patterns are detectable
-On the 15min chart there is a Double Top
-2 Trades entered @ 0.7275
-Stop Loss for both @ 0.7309
-Target Profit 1 @ 0.72211 Fib level 1.618...
-Resistance at the 0.7287 level from 4hr chart
-Price struggling to make higher highs
Entry @ 0.7281 only if price does not reach 0.7265 before (this is the 1.618 fib level of the measured move, my first TP)
- 2 sell limit entries @ 0.7281
- Stop Loss for both is @ 0.7294
- TP 1 @ 0.7265 Fib Level 1.618 of measured...
-Measured move from retest of major support / resistance level
-No particular pattern found
Note: The ideal point to enter thsi trade would have been the break of the trendline as mentioned on the chart
I have decided to enter on the basis of the long wick candle (with the arrow above it)
- 2 Limit order placed at...
HEAD & SHOUDLERS PATTERN
- Inner Trendline Break
- Measured Move
Trade management walk through
- 2 trades opened
- 2 different targets ; 1st target 1.618 ; 2nd target 2.0
- same stop loss
- after 1st target hit SL will be moved to breakeven
Let's see how it goes...
Red horizontal line = major support and resistance by looking on right of chart on higher TF / zoomed out chart
Break of upper trendline with fibs used as profit targets in addition to previous support
More than a 3:1 risk / reward ratio