Long

Nikkei: Peak bearish sentiment and a nice triple bottom

Updated

I'm currently long USDJPY and GBPJPY, but we might have a chance to join the Nikkei's rally here.
Sentiment has reached extreme levels for equities, and the setup is eminently bullish, now that we've broken the weekly uptrend mode.
It's safe to enter a long with a stop under today's low, risk half initially, since weekly confirmation hasn't materialized yet.
This gives the yen pairs plenty of upside for a couple days/weeks.

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Good progress.

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Buy the dip with the same stop.

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(this completes a full position, the 1% risk I reccomend if you risked 0.5% initially)

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Doubling at the same price as you entered was wise.

Trade closed manually

I'd reccomend caution, even though the trade has worked so far, IBB is falling rapidly again, and oil might have topped here. Perhaps exit and stay on the sidelines until we can more safely enter.

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Was a good idea to book profits.

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Nikkei remains a candidate for strength. Very well support so far. Forming a potential daily explosion pattern setup, we will get confirmation soon, and thus a new long entry here.

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Failure to break above resistance might suggest a pull back is under way.

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We're ready to break above resistance, if not long you can reenter here, stops under 16665.

Trade active

"10 hours ago
Comment. We're ready to break above resistance, if not long you can reenter here, stops under 16665."

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Great progress here.

Trade closed manually

Personally I'd close this long position now.

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We hit the target zone. It can cause price to stall here for a while, sideways.

IvanLabrie

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