Structure Trade on USDJPY
Updated
This is not i trade I'm gonna be taking because i already have a long position open on this pair and I'm still waiting for my second target to be hit (54 pips booked on first target already). This is for anyone who's missed the initial bullish gartley pattern, you might have another chance to get some profit out of this structure trade. These are the technical reasons why i think this might be a good buying opportunity.
1.) Recent bearish trend has been broken (Break & close above previous structure high.
2) Double bottom and break of structure = 2618 trade
3.) Bullish Divergence on RS1 (Where the double bottom was formed)
So 'IF' this market comes down to the previous structure (122.43) It will present a nice long opportunity, Stops will go below the double bottom and we are only gonna be shooting for one target since the r:r ratio is greater than 2:1.
Note: This is on a much lower time frame.
tradewithme.co.uk
1.) Recent bearish trend has been broken (Break & close above previous structure high.
2) Double bottom and break of structure = 2618 trade
3.) Bullish Divergence on RS1 (Where the double bottom was formed)
So 'IF' this market comes down to the previous structure (122.43) It will present a nice long opportunity, Stops will go below the double bottom and we are only gonna be shooting for one target since the r:r ratio is greater than 2:1.
Note: This is on a much lower time frame.
tradewithme.co.uk
Trade closed: target reached
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