Short

day trading short on USD/JPY

Updated

The trade idea is based on Structure trading

Trade active

For those who did not get the entry or possibly looking for an entry sell position, there are 2 valid opportunities.

Support & Resistance
1. look for a double top on the hourly chart and possibly an exhaustion or harami candle.
Place Sell stop at this point., with Stop Loss at a 127% fib extension of the 2 bearish candles

Trend Continuation
2. Place Sell Limit Order at 61.8% retracement of the 2 bearish candles.
Place Stop Loss at 127% extension of the 2 bearish candles

Note
There are news events early in trading week look out for gap in price. see link for news events fxstreet.com/economic-calendar

Good luck in trading Guys

Trade closed manually

Manualy close TP #1
@ 105.80 Safe Exit

Note

see chart

Note

Possible counter trend Not for the risk averse trader

RSI Oversold
Consolidation
Upcoming minor news
Success rate 50 %

Elvis.Deonarine

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