With a very tight Minor Pivot Stack in place we can look to short the Yen just below the current price.
The Monthly Pivot Range is strong resistance on the upside for the longer term and has kept the lid on a rally for the last month.
Go short if the price trades through 109.220 and place a stop loss at 110.120. The profit target of 106.340 makes for a good risk reward ratio trade in high probability conditions.
The Monthly Pivot Range is strong resistance on the upside for the longer term and has kept the lid on a rally for the last month.
Go short if the price trades through 109.220 and place a stop loss at 110.120. The profit target of 106.340 makes for a good risk reward ratio trade in high probability conditions.
Note
Bring the stop loss to the breakeven entry point. The 6 Day Rolling Pivot Range high (upper lime circle) is sitting right on the entry level price, which is really convenient, since my rule is to use the 6 Day RPR high or low as the trailing stop loss level.
Now this is a "no lose" trading scenario.
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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.
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.