USDJPY TGIF set up Looking at this possible set up for London open tomorrow or New York session. This pair reacted nicely last week and dropped back down after taking the relative equal high, this time i am looking for it to push up and seek the liquidity from the external range above last weeks high in the market open tomorrow and reverse back for a Friday close to the week. As you can see we have taken the highs of the week and are now towards the high of last month. From here I would look for a Friday drop before we continue higher in to next week. Every thing will need to be correct before I enter this trade as time and price will be key during the market sessions watching for a BOS and and an entry on the smaller TF. Keep a close eye on market structure and remember key entry and price action will be needed. Make sure you use proper risk management when trading. Let me know how you get on.
Not interested. You stretched your Y-axis too much. this is one of the worst currencies for trading; it hardly moves. There are many other better things to trade.
Equal highs (one shown as the high with the red line and another equal off screen) would have shown that these were a target to break through which price did. With HL forming on the approach too there was little to suggest a short was the right call here I'm afraid.
USDJPY next idea Looking at this possible set up for London open tomorrow. This pair has currently climbed all the way up over the last few mouths and we have just come up to above where we were at in Dec 2016. Now just because we have gone this high does not mean we will come all the way back down but I do think we will see a short term retracement over the next few days to correct the current move. Now currently on the 1 hour we have broken structure to the down side, would be good to see a clear 4 hour break of structure for more confirmation. Keep a close eye on market structure and remember key entry and price action will be needed. Make sure you use proper risk management when trading. Let me know how you get on.
USDJPY Price Correction. JPY has been weak across the board with some huge moves across the board on these pairs. But at some point there must be some form of correction. For this I will be looking for a 4 hour rejection of the run up tomorrow London session. then setting up a sell going in to New York. As you can see marked out on the daily timeframe I will be targeting 50% of the move up and we can see a red candle in the middle of all the green candles which is out of place and needs mitigating. This trade idea is only short term as currently market structure is still very bullish and we will see a continuation on the up side so its important to take profit if you get in the trade before the market takes it back again. Keep a close eye on market structure and remember key entry and price action will be needed. Make sure you use proper risk management when trading. Let me know how you get on.
I like the idea of a retracement for sure its key to fill the imbalance left by the large push up. Have you checked the HTF to see where the draw on liquidity was for that push?