USDJPY Pending Sell, Top of Channel
On a larger time frame, this could very well be a flag that indicates price will break out to the upside eventually but until that day comes, I enjoy trading the channel. In this trade, I set a pending "Sell" below the lows of the consolidation area at the top of the channel. Most of the time, I spend very little time in drawdown on these trades. I spent about 20 hours in and out of drawdown before price finally dropped enough to move my stops to breakeven, never even came close to my original stop above the top of the channel.TP levels will be automatic. I will move my stops down based on S/R levels until price eventually will hit one. Sometimes I make a great profit on these, sometimes I don't. I expect this one will be a very good profit before it's over.
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