USDJPY Short
Updated
USDJPYWelcome back to a new trading week :)
Following some bullish trade ideas from last week and the week before, long orders were closed with little profit as the charts slowed down on the bulls and started to bring signs of bearish price action to the charts...
I have applied the top down method in analysing to find on W1 and D1 time frame corresponding with my H4 view. Here we can see a short term trend line broken to the down side around a key level. On D1 I have noted that Friday's candle has pinned the 21 ema which is a great indicator to get in on a short of the trend is generally down.
Sell order opened @ market price 109.328 with
SL above the recent highs @ 110.272 and
TP around the swing low on the left @ 106.988
On this trade I am rising 95 pips for 235 on the reward end BUT if you check the recent swing low on W1 you will find that this trade has a 500 pip potential.
Don't bet the farm and always exercise healthy risk management!
Note
Banking 50% volume now and moving my stop to break even
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