USDJPY short with 4x Confluences.
Updated
Confluences listed:
1: Trendline breakout and close on the Daily timeframe
2: Change in market structure and new low has been formed
3: Break and close below support around the 113.3** area
4: Double Top Pattern Formation
Summary:
Entry will be taken during the NY session. The trade has a potential RR of 2: 1 or more, depending on how deep the pull back is next Monday. If the trade is any less than 2:1 RR we will not be looking take the trade. Target are set using fibs from the high to the low of the breakout candle.
1: Trendline breakout and close on the Daily timeframe
2: Change in market structure and new low has been formed
3: Break and close below support around the 113.3** area
4: Double Top Pattern Formation
Summary:
Entry will be taken during the NY session. The trade has a potential RR of 2: 1 or more, depending on how deep the pull back is next Monday. If the trade is any less than 2:1 RR we will not be looking take the trade. Target are set using fibs from the high to the low of the breakout candle.
Note
Price has pull back nicely, allow for a RR 2:1 at the moment. We will see how price behaving going into the NY open, assess the RR and decide on whether to enter or pass.Order cancelled
Trade cancelled, the RR was 1.8:1. We didn't enter in order to avoid over trading and the trade did not meet the RR 2:1 of our trading plan. On to the next one even thought still a good trade setup.
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