USD/JPY Short Setup Idea
Entry: 103.900
Stop Loss: 104.107
TP & RR: 103.280 (3)
REASONS FOR THE TRADE
One would say that I am in a shorting mood today, but I guess those are just the setups that I'm seeing today. To be honest, I will actually miss this trade because it goes against my system (I have some pretty strict rules).
What I like here is that the 1.618 Fib level is in confluence with a fairly strong resistance level, so I believe that the price should retrace at least a little bit if it is to continue upwards. If this is indeed the turning point, then it should provide another opportunity for a short position although with slightly worse RR.
I am a more conservative player and I will wait, but I decided to post this setup for those of you who are more aggressive. There was a time when I would jump on this trade without any hesitation.
Entry: 103.900
Stop Loss: 104.107
TP & RR: 103.280 (3)
REASONS FOR THE TRADE
One would say that I am in a shorting mood today, but I guess those are just the setups that I'm seeing today. To be honest, I will actually miss this trade because it goes against my system (I have some pretty strict rules).
What I like here is that the 1.618 Fib level is in confluence with a fairly strong resistance level, so I believe that the price should retrace at least a little bit if it is to continue upwards. If this is indeed the turning point, then it should provide another opportunity for a short position although with slightly worse RR.
I am a more conservative player and I will wait, but I decided to post this setup for those of you who are more aggressive. There was a time when I would jump on this trade without any hesitation.
Trade active
Going down to the 15-min chart I am still not convinced in the short here. I want some stronger confirmation and I will long on a breakout or will short if the price starts trending down. I'm waiting for the big players to show their hands.
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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.