USD/JPY SHORT - Shooting Star/Rejection of Weekly Level/Trend
Updated
Descending Trend line bounce, a gravestone doji created when price tried to react from the weekly level and go back above it, which was a retest but got rejected. The pair is in a descending channel in the process of making a LL.
TP @ 111.55
SL @ 113.187
R/R @ 1.54
TP @ 111.55
SL @ 113.187
R/R @ 1.54
Note
SL moved to breakeven. Price made a new low.Note
Price literally missed TP by 3 pips. This has happened before. Price is heading back upwards, but i believe it will hit the trend line and reverse back down to the downside, so I have moved my SL back to its original position.Note
Lower trend line was not drawn as snugly as it should have been. If it had been, my TP would have been slightly higher.
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