SGD/JPYSGD/JPY has broken its 50 EMA on the 4H chart.
As long as it hold as resistance, we can see SGD/JPY to drop further more.
Trade safe.
Sgdjpyshort
SGD/JPY Ascending Triangle SpottedI think this one will break to the downside, but there is more room to run on the top side. Trade the breaks.
A+ BEARISH SGDJPY PLAYSTOP LOSS : 81.953
TAKE PROFIT : 77.201
Risk-reward : ~4x
Longer term trend: Bearish
Current trend: Bearish
General comments:
Price hit the 61.8% of the bearish move when price was trending in a rising channel. Price quickly broke the support of the channel and surpassed the 81.45 support area. Price is now retesting the same area as resistance, with a beautiful pin bar piercing through but closed below.
What I like:
1) Excellent entry point - stop loss is relatively close-by.
2) Existence of bearish momentum - price breaking the support of the rising channel translates into high odds of price moving towards the 77.2 level.
What I dislike:
1) first trouble area nearby - potential area whereby buyers will be more aggressive is around the 79.5-80 region, the most recent swing low. Will be paying attention to how price reacts.
Other things to note:
nil
* Do support by liking and following! All suggestions/feedback welcome!
x,
iskfx
Grade B SGDJPY bearish breakoutRising channel since April-2017 till beg-2018.
STOP LOSS : 84.367
TAKE PROFIT : 77.189
Risk-reward : 1.35
Longer term trend: Bearish
Current trend: Bullish
General comments:
A bearish break of a rising channel, indicates a further bearish movement ahead.
What I like:
1) the major support/resistance area exists near the 50% retracement of the huge bearish movement. This means a stop loss above these levels of interest is sufficient enough should the market need room to breathe.
2) since the start of 2018, only lower lows and lower highs were seen. this shows the decisiveness of the market.
3) a bearish engulfing bar was formed after breaking the bullish channel. such candlepattern indicates strong bearish sentiment.
What I dislike:
1) price was flat from mid-september to mid-november, around the support/resistance area marked in blue. This shows that the market is not as receptive to that zone as it was.
Other things to note:
1) a very aggressive stop-loss can be placed just above the resistance area, to increase position size while risking the same amount.
*This is my first few attempts to contribute to the tradingview community. All suggestions/feedback welcome!
x, and happy chinese new year,
iskfx
SGDJPY: Fall coming soonWe had an impulse on H4 TF, now looking for the current flag formation to be completed to enter the market.
