USDJPY- Bullish Possible Setup
Trendline: There is a descending trendline indicating a previous downward trend.
Resistance Zone: This is marked at the top of the chart. The price needs to break and retest this zone to confirm an upward movement.
Support Zone: Marked at the bottom, indicating where the price found support before bouncing back.
Break of Structure (BOS): This indicates that a prior market structure was broken, suggesting a potential reversal or continuation in trend.
Entry on Breakout and Retest Only: The chart suggests an entry strategy that waits for the price to break above resistance and then retest that zone before taking a position.
Stop Loss: Marked at 142.289, below the current market price.
Take Profit Zone: This is significantly above the entry point, targeting a price around 145.000.
The strategy seems to suggest a long position after confirmation of a breakout above resistance, with clearly defined risk management (stop loss) and profit target.
Resistance Zone: This is marked at the top of the chart. The price needs to break and retest this zone to confirm an upward movement.
Support Zone: Marked at the bottom, indicating where the price found support before bouncing back.
Break of Structure (BOS): This indicates that a prior market structure was broken, suggesting a potential reversal or continuation in trend.
Entry on Breakout and Retest Only: The chart suggests an entry strategy that waits for the price to break above resistance and then retest that zone before taking a position.
Stop Loss: Marked at 142.289, below the current market price.
Take Profit Zone: This is significantly above the entry point, targeting a price around 145.000.
The strategy seems to suggest a long position after confirmation of a breakout above resistance, with clearly defined risk management (stop loss) and profit target.
Trade closed manually
Setup did not meet criteria to enter in trade
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.
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.