General
My monthly chart of USDJPY. 50% line of the range in confluence with the yearly open. Price currently reacted to the area 1 resistance zone.
I dont feel comfortable shorting at this point so i marked a scenario out under which i would enter a short. Also added a long in case we manage to break through the level.
If we should go lower from here i might look for shorts on a LTF.
1. Short (Red arrow)
Price manages to break above area 1 but falls then again under it.
Target: A bit above the 50% of the range. Aswell the 2 big support levels.
SL: Depending on the LTF entry i wouldnt want to see it going higher than area 1
Invalidation: Price never breaking above area 1
Time duration: Days, weeks, months, years... ;)
1. Long (Yellow arrow)
Price moves above area 1 and generates a swing. Then drops to area 1 before going higher than the generated swing
Target: A bit under the range high
SL: Under the support of area 1
Time duration: Days, weeks, months, years... ;)
Good luck
My monthly chart of USDJPY. 50% line of the range in confluence with the yearly open. Price currently reacted to the area 1 resistance zone.
I dont feel comfortable shorting at this point so i marked a scenario out under which i would enter a short. Also added a long in case we manage to break through the level.
If we should go lower from here i might look for shorts on a LTF.
1. Short (Red arrow)
Price manages to break above area 1 but falls then again under it.
Target: A bit above the 50% of the range. Aswell the 2 big support levels.
SL: Depending on the LTF entry i wouldnt want to see it going higher than area 1
Invalidation: Price never breaking above area 1
Time duration: Days, weeks, months, years... ;)
1. Long (Yellow arrow)
Price moves above area 1 and generates a swing. Then drops to area 1 before going higher than the generated swing
Target: A bit under the range high
SL: Under the support of area 1
Time duration: Days, weeks, months, years... ;)
Good luck
Note
Price currently pushed half of area 1Note
Price above area 1 - monthly close in 5 days. Would prefer the close above it for either scenarioNote
Monthly closed above area 1
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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.