Cancelled
Doom cancelled?We face some resistance from the 0.382 fib at $11500, so could bounce around here a bit before moving further to the upside.
Alternatively, a break of $10800 could signal a continuation of the move downwards.
Happy trading - and please leave a like :)
ADA: Why I closed the tradeSee the circled areas. Updated from my previous 30 minute chart.
-Trouble at resistance
-MACD histogram starting to show bearish divergence, MACD blue line curling down.
-RSI beginning to possibly form a descending triangle
-Chart forming an ascending wedge (bearish reversal)
I circled the areas in question.
ROOKIE trader; Follow at your own risk!
-Solid horizontal orange line: I bought at that price
-Dotted horizontal orange line: mock buy, not in the trade yet
-Solid horizontal pink line: Stop loss/sell implemented
-Dotted horizontal pink lines: Targets
USDJPY: Trading to the spike base
See the above picture for Macro Analysis
Trade Setup:
-Trading to the spike base
-Double bottom pattern
Trade management:
-Will only be entering 1 trade with 1 TP
-Buy Limit placed @ 100.00
-Stop Loss @ 99.56
-Target Profit @ 101.065
A small note: I may be entering this trade a little early (reason for entering early is due to a more favourable R:R)
Once the blue trend line breaks that is a very good sign
Let's see how it goes.....
