Look beyond ordinary analysis
USDJPY moved substantially from the bottom at around 100 and pushed closed to the resistance at 104. The pair consolidated here for a few days and moved as low as 103.40 yesterday.
Since then, the price climbed higher to re-test the resistance/former support at 103.70.
I entered a short position at the resistance at 103.70 with the open target. I want to see what the stock will do in the next few days and the reaction to risk events this week.
Stops above 104.60
Trade: Sell Limit
Lot Size: 0.03
Stop Loss in Pips: 80
Take profit in pips: open
Risk of Equity: 3%
ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: Yes
Is the market risk off or on? SP500, DAX, NIKKEI. Are the down or up: Not clear to me
Is this trade with the trend?: Reversal
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: N/A
Am I selling resistance?: Yes
Is this entered during London’s session?: Yes
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: Yes
Where is the price in terms of Pivots Points?: Resistance
USDJPY moved higher after the Drahi speech last week. AS there was no impuls momentum to the downside, I exited the position at break even
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226 total views, 6 views today