USDJPY BUY (Signal #2)
Updated
The reason we are entering this trade is because a clear significant level has formed.
A level which price has been interacting with for weeks.
Take a look at the chart:
1. Price interacted with this horizontal level for the first time, the bearish momentum was rejected
2. Price tried breaking this level again and failed
3. Price had a third attempt to break this level, making it a established resistance level after it failed again
4. The level was finally broken and now resistance has turned into a support level
5. Price retests the support level and continue going downwards
6. The level is retested again, price continues going downwards
7. The level is broken, price has turned back into resistance, as it aims to retest it again
We enter this trade assuming this level will continue to be respected and it won't be broken to the downside. Although if it does, and we are wrong; we have placed a stop loss safely below it to protect our capital.
Entry Price: 104.614
Take profit: 104.836 (20)
Stop loss: 104.836 (15)
A level which price has been interacting with for weeks.
Take a look at the chart:
1. Price interacted with this horizontal level for the first time, the bearish momentum was rejected
2. Price tried breaking this level again and failed
3. Price had a third attempt to break this level, making it a established resistance level after it failed again
4. The level was finally broken and now resistance has turned into a support level
5. Price retests the support level and continue going downwards
6. The level is retested again, price continues going downwards
7. The level is broken, price has turned back into resistance, as it aims to retest it again
We enter this trade assuming this level will continue to be respected and it won't be broken to the downside. Although if it does, and we are wrong; we have placed a stop loss safely below it to protect our capital.
Entry Price: 104.614
Take profit: 104.836 (20)
Stop loss: 104.836 (15)
Order cancelled
A bearish engulfing candle has formed. Reducing the probability of our setup happening. So we will exit this trade at breakeven!Trade active
A sell position was opened instead. Closing with 30+ Pips
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