USDJPY, big move on week 1, 2019
USDJPY made a big move during the opening of 2019. I was long and was caught by the massive drop it made during its week 1. This would be an episode which exposed the weakness of my trading strategy which I am going to reinforce in future. Week 1 is a loss for me, with my overall equity fell by about 5%. That's ok, at least I stayed out of USDJPY before the massive 500 pips fall.
For my analysis on the pair, I am looking at UISDJPY to make a second touch on the long tail it made on week 1. I would like to see a reversal pattern formed by USDJPY. I would be looking at long for USDJPY after the reversal pattern (Double Bottom) formed. That means for week 2, we are looking at roughly 300 pips fall to finish the second bottom. The market demand that pushes the price back to the close of week 1 did hint on some long demand at the low of week 1. We will need to continue to monitor the movement.
I am unsure how long USDJPY will take to form the second bottom, so my strategy would be looking at shorting instead, even though I still maintain an overall long view of this pair. After the double bottom, make sure that you have a candlestick signal or some sort of signal you trust before entering.
If you made a loss, its ok, its only week 1 of 2019. If you made a profit, I am happy for you and I hope you can continue your good work. Stay flexible, be open minded and lets go for week 2!
If you have any thoughts on USDJPY's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
For my analysis on the pair, I am looking at UISDJPY to make a second touch on the long tail it made on week 1. I would like to see a reversal pattern formed by USDJPY. I would be looking at long for USDJPY after the reversal pattern (Double Bottom) formed. That means for week 2, we are looking at roughly 300 pips fall to finish the second bottom. The market demand that pushes the price back to the close of week 1 did hint on some long demand at the low of week 1. We will need to continue to monitor the movement.
I am unsure how long USDJPY will take to form the second bottom, so my strategy would be looking at shorting instead, even though I still maintain an overall long view of this pair. After the double bottom, make sure that you have a candlestick signal or some sort of signal you trust before entering.
If you made a loss, its ok, its only week 1 of 2019. If you made a profit, I am happy for you and I hope you can continue your good work. Stay flexible, be open minded and lets go for week 2!
If you have any thoughts on USDJPY's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
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