USDJPY was capped by the 61.8% fib yesterday, as highlighted in my live blog post on BOJ day.
Several of the Yen pairs were shorted in the trading room yesterday . EURJPY was particularly kind to a few of us.
As always, I like to let the charts do most of the talking. Keep the technicals simple and the pips will follow. The original chart is reposted below showing the 112.18 level .
USDJPY – H1
Live chart below.
USDJPY – H1 live
The Daily chart is showing yesterday’s range depicted by a doji candle. This signifies indecision. We could be seeing some kind of secondary top playing out here. Too early to tell perhaps ……. I’m holding a short position.
USDJPY – Daily
Collects more scalps than Crazy Horse and newly crowned Bitcoin & Dow top calling master.
Philosophy: "Trading rules.....it most certainly does"
Read how Horatio got into trading here
Philosophy: "Trading rules.....it most certainly does"
Read how Horatio got into trading here
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so what is ur take profit level and stop loss level?
I have no take profit level at this time CC.
My stop is just above the 61.8% fib level . I normally take part profits – locking some in and keeping a core if the trade performs well . I add back to the core (short) if my bias has not changed.
This is the way I do things….. Others may prefer to hold without adjusting their positions. All great . The most difficult aspect to a trade is timing the entry and placing the stop. If we get that correct we can trade the position to our personal style .
i kept a trendline drawed from some years ago…and UJ is bouncing on it https://www.tradingview.com/x/NItuuQDg/
From my perspective the lower line in your rising wedge is a trendline in your eyes only Q 🙂
It has broken below many times
Never draw lines to make them fit your own view . Draw them to view the price action .
…i didnt draw the line to fit my view…i dont have view…i dont know where the market moving everyday…
My meaning was – There are many H4 candle + wick breaks below the lower line of your rising wedge around your 110.76 level…. For me that nullifies the line .- Still a wedge, yet could be drawn and interpreted differently 🙂
that wedge is not so interesting to me. but that long term trend line is of interest. that shows its blown out to the upside. long term(longer than 1 month) yen is a sell for me. fundamental also sup[posts weaker yen.
Indeed…… I agree with that muddy pups .
That’s the one to watch ? Makes for an interesting level if it is rejected
Great trading Horie, We get some fantastic calls in the trading room and this was one such timely call. keep up the great work. Thanks
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