JPY - But With a new Approach
Updated
Instead of just saying "Go in!" let's try a little watch and wait.
We're in a downtrend overall from the 4hr, but also at a key level from the 4hr as support.
I see it tried to reverse before all the news happened last week, But dropped one more level.
Buy the level, if some reasons present themselves around the 130.5, with a hedge sell below at 130.3 if the buy is taken. Target the next level. Simple
Just looking for a reaction and retest for entry criteria
We're in a downtrend overall from the 4hr, but also at a key level from the 4hr as support.
I see it tried to reverse before all the news happened last week, But dropped one more level.
Buy the level, if some reasons present themselves around the 130.5, with a hedge sell below at 130.3 if the buy is taken. Target the next level. Simple
Just looking for a reaction and retest for entry criteria
Note
Already seeing very strong reaction off the lower levels on the hourly/15/5 with some conviction. Placing a buy at 1.3052, sell stop hedge at 130.3 about 20 pips of riskNote
Solid and clear change of character on the 5 minute, showing response as soon as it's near the level, order buy is set in the middle of the levelNote
Losing a good bit of momentum on the way down this time, giving me a little confidence it won't drive right through the level, and should turn up instead to stay in a rangeNote
Target set for 131.62, Slowing up even more as it's getting into the level.Setting an alert and going to bed, if it reaches halfway to the target, I'll wake up and make the trade risk free at that point so it gets away from the level some, and not be too aggressive with a stop.
If I'm still up when entry is made, I will update the trade, but I expect it to be had soon
Trade active
Entry triggered while asleep, Risk free currentlyTrade closed: stop reached
Stopped out 1 pip in profitTrade active
Level is rejecting again, taking a new buy, same thinking as before, same hedge protection below the level, try againEntry at 130.648
Hedge stop 130.358
Note
*131.57 target for the buyNote
Setting trade risk free in anticipation of rejection of the 5 minute head and shoulder neckline.Note
Neckline is breaking down, Staying risk free and wait for target at 131.579Note
Very strong reaction from the lower level tells me it's very determined to get back up to the upper level around 131.7Note
130.764 stop raised to just below the neckline (5 Minutes) in case the peak doesn't break and it wants to jump down one more time before going up, in which case, start the idea over again lolNote
Bit of a struugle going on now, raised SL to 13.853Trade closed: stop reached
Stop hit in profit, total gain on idea: 24 pipsNote
Current situation looks like there is about to be a hard run into the level, and I suspect it will not hold this time. Making a defined downtrend line that seems to have some agreement. Not taking any more trades on this idea, as I think we're going back into the bottom level
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