Bearishness might be coming soon
Updated
Overall structure is still very bullish but from COT point of view, we are bearish on this pair, therefore I am bear-bias. Therefore I will short only when there is a strong bearish candle on the Daily TF or when price goes down to break through the POC at 82.22. Therefore I place a sell stop below this level.
However, there is a need to note that previously, before price went down trend, the price went up to the same level as now, went down to touch the trench and went back up to 83.736 before going down again. I got a feeling that this might happen again and therefore my lot size for my Sell stop will be small.
I will also place a sell limit at 83.73 region in case price goes up there.
In summary: Small lot size sell stop after POC, SL above 83.74, look for opportunity to add positions if price is very bearish. A sell limit at 83.74 level too in case market repeat history and goes up.
However, there is a need to note that previously, before price went down trend, the price went up to the same level as now, went down to touch the trench and went back up to 83.736 before going down again. I got a feeling that this might happen again and therefore my lot size for my Sell stop will be small.
I will also place a sell limit at 83.73 region in case price goes up there.
In summary: Small lot size sell stop after POC, SL above 83.74, look for opportunity to add positions if price is very bearish. A sell limit at 83.74 level too in case market repeat history and goes up.
Note
Pending orders still not triggered. BOJ news next week. Let's see how it goes.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.