Trade Like A Sniper - Episode 11 - SGDJPY - (1st June 2024)This video is part of a video series where I backtest a specific asset using the TradingView Replay function, and perform a top-down analysis in order to frame ONE high-probability setup. I choose a random point of time to replay, and begin to work my way down the timeframes. Trading like a sniper is not about entries with no drawdown. It is about careful planning, discipline, and taking your shot at the right time in the best of conditions.
A couple of things to note:
- I cannot see news events.
- I cannot change timeframes without affecting my bias due to higher-timeframe candles revealing its entire range.
- I cannot go to a very low timeframe due to the limit in amount of replayed candlesticks
In this session I will be analyzing SGDJPY, starting from the 6-Month chart.
- R2F
SGDJPY
No Trade Today for FXThere are too many long candles and sudden changes in trend today. I won't be trading for now, although I'm keeping an eye on SGDJPY. If I spot a trade signal there, then I'll consider trading. However, I'm also staying alert for signals in other currencies, there might be a change later on.
Disclaimer: I'm still on a demo account. Once I reach my target amount of money, then I'll open a live account.
YEN WATCH! 🧐Summary
The Yen continues to weaken. The USDJPY is now at a 25-year high.
The Details
The Bank of Japan (BOJ) intervention could happen any week, meaning some big moves on JPY pairs. I am expecting at least a 500 pip bearish move on USDJPY 💥
If there is no intervention, USDJPY may reach as high as 155-160 before the BOJ changes interest rates to strengthen the Yen.
The JPY is weak across the board, especially against the FOREXCOM:CNHJPY PEPPERSTONE:CHFJPY and PEPPERSTONE:SGDJPY
Things to Consider
Don't over-leverage JPY long positions due to your FOMO
Think longer-term. The intervention move could provide only temporary strength for the Yen. The BOJ may need to hike rates before the Yen forms its lows. An interest rate hike may not happen until Q1/Q2 2024.
Keep it Easy SGDJPY long will make new record HighsIn Singapore a slight majority of analysts expected a 6th consecutive tightening move by MAS in order to tackle inflation, so the pause along with the conservative MAS statement on the inflation outlook saw a weakening of the S$.
- Gold extended gains amid USD weakness; The US dollar index is testing one year lows at 100.78 during the morning.
- Nikkei outperforms on results from big component Fast Retailing.
But vs JPY nearly every currency is making higher highs. As trader,I focus just on technicals.
Higher Highs Higher Lows!
Trend is bllish!
SG Dollar to Yen forecast by day.
Date Weekday Min Max Rate
04/07 Tuesday 105.82 109.04 107.43
05/07 Wednesday 105.85 109.07 107.46
06/07 Thursday 105.83 109.05 107.44
07/07 Friday 105.79 109.01 107.40
10/07 Monday 106.55 109.79 108.17
11/07 Tuesday 106.30 109.54 107.92
12/07 Wednesday 106.16 109.40 107.78
13/07 Thursday 106.72 109.98 108.35
14/07 Friday 107.35 110.61 108.98
17/07 Monday 106.71 109.97 108.34
18/07 Tuesday 106.46 109.70 108.08
19/07 Wednesday 107.64 110.92 109.28
20/07 Thursday 108.22 111.52 109.87
21/07 Friday 108.14 111.44 109.79
24/07 Monday 108.73 112.05 110.39
25/07 Tuesday 108.90 112.22 110.56
26/07 Wednesday 109.20 112.52 110.86
27/07 Thursday 108.72 112.04 110.38
28/07 Friday 109.09 112.41 110.75
31/07 Monday 109.21 112.53 110.87
01/08 Tuesday 108.95 112.27 110.61
02/08 Wednesday 109.68 113.02 111.35
03/08 Thursday 109.66 113.00 111.33
04/08 Friday 109.13 112.45 110.79
SGDJPYHELLO GUYS THIS MY IDEA 💡ABOUT SGDJPY is nice to see strong volume area....
Where is lot of contract accumulated..
I thing that the buyers from this area will be defend this long position..
and when the price come back to this area, strong buyers will be push up the market again..
UPTREND + Support from the past + Strong volume area is my mainly reason for this long trade..
IF you like my work please like share and follow thanks
TURTLE TRADER 🐢
💡Don't miss the great sell opportunity in SGDJPYTrading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (86.44).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. SGDJPY is in a range bound, and the beginning of a downtrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 48.
Take Profits:
TP1= @ 86.18
TP2= @ 85.95
TP3= @ 85.59
TP4= @ 85.20
TP5= @ 84.77
SL: Break Above R2
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💡Don't miss the great sell opportunity in SGDJPYTrading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (86.44).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. SGDJPY is in a range bound, and the beginning of a downtrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 46.
Take Profits:
TP1= @ 86.18
TP2= @ 85.95
TP3= @ 85.59
TP4= @ 85.20
TP5= @ 84.77
SL: Break Above R2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex / Crypto trader ?
Now, It's your turn !
Be sure to leave a comment; let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️