POTENTIONAL BEARISH SHARK PATTERN USD/JPY ON 1H CHART
Updated
Hello traders,as we look USD/JPY on 1H chart(attached below the daily analysis on USD/JPY) we can see a possible bearish shark pattern as we go reach the red zone of resistance.
We may have a better entry for better P/L ratio trade if price makes a spike with a false breakout above the trend line into the red zone where we have the D completion point.
TECHNICALLY
We can see the downtrnd 200EMA which encourages us to take the short trade.
Currently price is trying to go above the descending trend line.
Maybe it does but for a while as we have already RSI divergence and Stochastic at oversold levels.
POSSIBLE TRADE
FIRST TARGET T1 WITH 1,40 P/L RATIO AT 111,215
SECOND TARGET T2 WITH 2,10 P/L RATIO AT 110,955
BUY STOP AT 112,150
THANKS FOR SUPPORT!
HAPPY TRADING!
We may have a better entry for better P/L ratio trade if price makes a spike with a false breakout above the trend line into the red zone where we have the D completion point.
TECHNICALLY
We can see the downtrnd 200EMA which encourages us to take the short trade.
Currently price is trying to go above the descending trend line.
Maybe it does but for a while as we have already RSI divergence and Stochastic at oversold levels.
POSSIBLE TRADE
FIRST TARGET T1 WITH 1,40 P/L RATIO AT 111,215
SECOND TARGET T2 WITH 2,10 P/L RATIO AT 110,955
BUY STOP AT 112,150
THANKS FOR SUPPORT!
HAPPY TRADING!
Note
NFP ruined the set up..Now we are looking for a long set-up before the next move to the downside..Note
We see price stopped at support area...Actually if someone was in this trade only by looking downtrend and trend line would be in profit now..Note
Because i see too many 'traders' posting how to trade NFP i wanted to see their charts also.In theory we all making money..So this trade is to show how to trade NFP.Happy trading guys.
Thanks for support..
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