Grade B SGDJPY bearish breakout
Rising 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
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
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