USDJPY 4H Counter Trend Median Line
Counter Trend Median line trade.
Any tests of the LML needs to show a strong rejection with signs
that buyers are showing up. A grinding sideways movement usually signifies
that price has just paused before continuing. Taking counter trend trades on weak
tests will deplete your trading account quickly.
A red WRB probes the LML after the recent low. Price zooms back from it significantly.
There are signs of buyers here. I leave a buy order just above the close of the red WRB.
That’s where buyers showed up, and in case sellers want to test their resolve a 2nd time.
You can place your s/l either under C to give full protection, or under the test of the LML.
Either is fine and it will reflect in the final RR of the trade, 3.7 v 6.4.
I get long at 127.80 but must hold it over the weekend. No Monday morning price surprises.
Price drifts, before bears get bored, or new buyers get tempted into the market.
P1 & P2 are profit stops along the way to the target.
Any tests of the LML needs to show a strong rejection with signs
that buyers are showing up. A grinding sideways movement usually signifies
that price has just paused before continuing. Taking counter trend trades on weak
tests will deplete your trading account quickly.
A red WRB probes the LML after the recent low. Price zooms back from it significantly.
There are signs of buyers here. I leave a buy order just above the close of the red WRB.
That’s where buyers showed up, and in case sellers want to test their resolve a 2nd time.
You can place your s/l either under C to give full protection, or under the test of the LML.
Either is fine and it will reflect in the final RR of the trade, 3.7 v 6.4.
I get long at 127.80 but must hold it over the weekend. No Monday morning price surprises.
Price drifts, before bears get bored, or new buyers get tempted into the market.
P1 & P2 are profit stops along the way to the target.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.