Pullback and support
Updated
Although the general trend of the Japanese yen dollar is an increase, it seems to be in a suitable position for a correction.
Inside a descending canal (which, apparently, if it does move down inside it - will provide several entry options).
I think it will probably end the day as a hammer, but first it will go down to support.
Two options of support:
One - the bottom of the previous daily.
The second - the range of the candle that breaks down the hourly rising trend line.
Inside a descending canal (which, apparently, if it does move down inside it - will provide several entry options).
I think it will probably end the day as a hammer, but first it will go down to support.
Two options of support:
One - the bottom of the previous daily.
The second - the range of the candle that breaks down the hourly rising trend line.
Trade active
The pattern I built on - broke (the high of the red candle that broke the rising trend line).But the stop has not yet been caught.
And since I see a wedge pattern coming up, I added another "small piece" to the deal, with a very short stop (in the same place as the first stop).
Even if it did go down - I will target no more than the bottom of the previous daily.
Trade closed: stop reached
We'll catch him in the next round..Currently long up to 146 apparently
Note
A nice wedge is formed...
I still expect a Sell, a long run to 144 maybe 141 (long term) but for now - testing the trend line ans support at 146 seems safe (I'm in..)
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