2018Oct10 USDJPY H1 Double Top-2618
USDJPY has been on a recent downtrend and there is a double top with broken neckline. As I am expecting the downtrend to continue, I will set a sell limit order at the 61.8 Fibonacci retracement level (also at a trendline resistance) of the swing high (right top) to swing low. Stop loss is just above the 2nd top while the take profit target is at the recent swing low. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:
Trade Setup: Double Top-2618
Price Entry 113.155
SL 113.380 | SL pips 22.5
TP1 112.872 | TP1 pips 28.3
RRR1 1.26
Trade Setup: Double Top-2618
Price Entry 113.155
SL 113.380 | SL pips 22.5
TP1 112.872 | TP1 pips 28.3
RRR1 1.26
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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.