A quick update on the USDJPY position posted last week.
I opened a short position link to post from the daily doji candle. My thinking at the time was that we could be seeing a secondary top forming . The trade had an easy risk reward using the top of the Daily candle as the stop loss.
Anyone familiar with the way I like to trade ( Ryan K-man included ) will be aware that defining our risk is one of the most important aspects of any open position. I make mistakes, we cant ever hope to be correct with every press of a button.– If our risks are defined we can keep the losses small and manageable .
We’ve broken the trendlines on the D1 chart and price must be viewed as bearish although far too early to be calling a major reversal .
USDJPY – Daily live
Below shows the entry chart from the previous post .( link provided above ).
USDJPY – Daily
Here’s a current rather psychedelic chart of the Hourly. I dont use this type of chart to trade from . I like it very much to show me the shorter term directional bias in a visible easy to read ‘ one glance ‘ format .
USDJPY – H1
Philosophy: "Trading rules.....it most certainly does"
Read how Horatio got into trading here
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