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Usdjpyshortsetup

USD/JPY Short IdeaUSD/JPY price action is moving well within a symmetrical triangle and is respecting trend lines. On the day chart the 200 MA (black line) has kissed price as noted (as circled). I would expect the 200 MA to serve as an area of dynamic resistance, and would place a stop loss not to exceed 50 pips above this area. Price action has respected the 61.8% fib level on it's way down. It's possible that price could extend to the 127% fib extension area. This area also serves as a major area of support. I would not enter as a market execution but would allow room for price to retrace to around the 50% fib level. If played out, the reward on this idea would be around 240 pips. This idea is for educational and study purposes only. Trade at your own risk.
Short
by mrsceleste
USDJPY: Preparing for a breakout?I believe that successful trading strategies rely heavily upon identifying consolidation zones. Consolidation zones provide us the right direction of the market. Consolidation happens when a market move sharply upside or downside. Later, a trader can use these consolidation zones to identify patterns, whether it be a continuation or reversal. It requires attention and care. Rather than turning out to be a factory of producing signals, it is better to sit down and look for a setup. Setups are important because we are planning a trade and execute them on time. If you fail to plan a setup, then you are planning to fail. Another advantage of trade setup is that we know where to get out and the right time to go in. Know the market. Study the price movements and make your trades. My charts use price movements, patterns, structures and indicators such as moving averages and oscillators. Trading intelligence is combining multiple knowledge to produce a favorable trade setup and plans.
Short
by Dinkan