I am trading Monthly pattern, so stops have to be based on multiple entries based on smaller frames or Monthly reaction low, as I am trading using 1 entry (under water at the moment) there is no need to panic because price had not confirmed the concerns. Yes, I am cconcerned by the almost total absence of upside in Ninja, but not panicking.
Well....it's comforting to see a bull hammer at the end of the NFP weekly chart. No strong action yet, still within congestion pennant. Obviously, not trying to sell a trade to anyone, just sharing my views with the world sort of speak, trading is about making a personal choice of go long, go short or standby, not about being right all the time, just nailing the big moves. Be the hammer, not the nail - I love that one
Back to basics, weekly chart shows 3 attempts to break the hi (Yen futures), so far 3 failures, 3 lower highs on same weekly frame. Lows have been edging higher too on the other hand, yet not as prominently as the highs have been rejected. So we got a rule of 3 failures vs gradually rising lows. Price is certainly getting extremely coiled around weekly 20 SMA. Exciting breakout forming. I choose to go with 3 rejections to break above highs.
Coiling indeed. FWIW, I went long USD/JPY last night. Sat through some pain today but have since came back. Will be looking for clues in the Asian session tonight as to where we're headed in the short term.
Yen Futures weekly chart, running a TL connecting Lo of weekly bar of May 03 to Dec 13 is being broken as I type this. Fingers crossed that it isn't a headfake.
Nice boost today from unemployment claims data. Keeping my eyes peeled for a pullback, however. But for now I'll let it do its thing and see how high the market takes us.
Fingers are crossed. Approaching resistance zone on the daily, though. Either it pulls back and continues to wind tighter or we might see an upside breakout.