Hey guys, this is a great setup on USDJPY.
I am expecting it weaken next with a retracement on the USD.
Pattern Identification
USDJPY has completed a bearish shark last Friday at 115.37.
It has since fallen about 60 pips.
Trade Execution
At this current price, I will only go short if it retests the zone between 115 to 115.30.
I will monitor for reaction at PRZ zone, which could be pinbar or engulfing reversal candlestick pattern at that zone before I go short.
SL has to go around 115.70 and TP will be right back at 112.80.
This pattern will be invalidated if it goes above the PRZ and hits the SL level.
I am expecting it weaken next with a retracement on the USD.
Pattern Identification
USDJPY has completed a bearish shark last Friday at 115.37.
It has since fallen about 60 pips.
Trade Execution
At this current price, I will only go short if it retests the zone between 115 to 115.30.
I will monitor for reaction at PRZ zone, which could be pinbar or engulfing reversal candlestick pattern at that zone before I go short.
SL has to go around 115.70 and TP will be right back at 112.80.
This pattern will be invalidated if it goes above the PRZ and hits the SL level.
Note
USDJPY is forming a bearish shark on the m15 chart.
Initial idea has yet to change, will be monitoring for weakness to short this around 115.30 - 115.40.
Trade closed manually
Price fell without retesting 115.30. Still a great pattern completion, but I missed this one.Note
Another great setup that I missed by being too cautious.Price hit 112.80 as predicted 2 weeks ago after a retest of the PRZ last week.
Hope I will learn from this mistake the next time.
I have to stop fine-tuning my SL so much that I miss the entire profit ride.
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.
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.