USDJPY_Break of the Channel_Lower Lows_Strategic Entry_Daily
Updated
USDJPY has respected in the uptrending channel for quite some time now. Just recently, the channel intersected with a major overhead band of resistance which has been a major pivot point for price in the past.
Lone and behold, price broke both channels at the intersection point (see purple bubble), then clearly rejected old support. Price should proceed to move down in weeks to come.
I picked my stop at the stop out point of the first obvious sell signal knowing the institutionals are going to clear stops before moving down. I picked my stop behind the highest high, knowing if price moves beyond that point the trade and channels are invalidated. Seems unlikely after holding for several months.
Willing to risk 2% and break my habit of small stops. Going to hold the entire position for T2.
Stop above the higher high 114.756.
Original Entry, low of the signal bar add 2 pips 113.32.... High of signal bar 113.637. As a strategic entry, I'd like a fill 2 ticks above the signal bar. STEntry - 113.657. Difference between Stop and ST entry 1.099 pips.
T1 112.558 T2-111.459 T3-110.360
Goodluck!
Like/Comment/Follow TElphee! – Self-made Technical Analyst. Certification not held but desired after college. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Share your opinion, but remember we are only discussing opinions. I’m very eager to learn! Find TElphee on LinkedIn/Twitter/Trading View
Disclaimer: Oanda data shown. This information is my own opinion and should not be considered investment advice. Please consult a professional before trading.
Lone and behold, price broke both channels at the intersection point (see purple bubble), then clearly rejected old support. Price should proceed to move down in weeks to come.
I picked my stop at the stop out point of the first obvious sell signal knowing the institutionals are going to clear stops before moving down. I picked my stop behind the highest high, knowing if price moves beyond that point the trade and channels are invalidated. Seems unlikely after holding for several months.
Willing to risk 2% and break my habit of small stops. Going to hold the entire position for T2.
Stop above the higher high 114.756.
Original Entry, low of the signal bar add 2 pips 113.32.... High of signal bar 113.637. As a strategic entry, I'd like a fill 2 ticks above the signal bar. STEntry - 113.657. Difference between Stop and ST entry 1.099 pips.
T1 112.558 T2-111.459 T3-110.360
Goodluck!
Like/Comment/Follow TElphee! – Self-made Technical Analyst. Certification not held but desired after college. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Share your opinion, but remember we are only discussing opinions. I’m very eager to learn! Find TElphee on LinkedIn/Twitter/Trading View
Disclaimer: Oanda data shown. This information is my own opinion and should not be considered investment advice. Please consult a professional before trading.
Trade active
Strategic entry triggered.Note
Correction to the above- I picked my entry at the institutional stop out point. Traders that sold the sell signal were just stopped out at our entry is triggered.Note
Holding on tight, what a great entry. Barely taken any sweat at all.
Note
Note
Patience has paid off as we are profitable by roughly 160 pips thus far. I am holding strong for T2.
Trade closed: target reached
Note
End of year picture. Lots of opportunity around the 114 level.
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