USDJPY - 2H - Pinbar at trendline
Hi will be watching this trendline for a bigger correction to the upside into the next week. However, currently we still have room for one more down wave. we also having a nice pinbar right at the trendline indicating market rejection from that area, so we could already look for shorts here. Keep in mind tho that we would be sittin in Wave 5 (or the third downwave) if we continue lower, so we might not even see a break of the lows before goin up, so make sure to at least take partial profits early to have ensurance in case we seeing a shortened wave 5.
i put the 618 retracement as a potential zone here, but you could also do it higher at the upward channel line or lower at more doublebottomish type of retest.
TG2 isnt fix either, since it depens on how market behaves. thus far tg2 is at the 1.618 inverted extention of the upward trendchannel move, which would be my default area to look for targets since we dont have a clean lower trendline anymore to look for targets, but that might change into next week
i put the 618 retracement as a potential zone here, but you could also do it higher at the upward channel line or lower at more doublebottomish type of retest.
TG2 isnt fix either, since it depens on how market behaves. thus far tg2 is at the 1.618 inverted extention of the upward trendchannel move, which would be my default area to look for targets since we dont have a clean lower trendline anymore to look for targets, but that might change into next week
Trade active
market gapped higher giving us a pretty good entry price and a really neat risk reward of around 7:1 and 20:1 if we use the tradelevels on the chart. ofc we will get stopped out probably more often than not in the long run. but with that risk reward, still easy profits.Trade closed: stop reached
painfree trade. might be time to start looking for long setups. but thats something for tomorrowNote
currently the market is falling down abit. if we can stay below the trendline till the 4h candles closes (which would give us another pinbar) i would consider a reentry. but thats till 50 minutes away. so we will see what happens.Note
didnt happen. so far no further tradeopportunities here. need to market to show more decision before i will continue looking for trades. thats it for tonight
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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.