Hi Team!
This is my trade of the week for next week.
It's a clear entry and exit, good confluences, and clear chart patterns.
Currency:
We are expecting JPY strength very soon
We are seeing neutrality with INR
News:
There is no medium or high impact news affecting either currency in the coming week.
Chart:
We are in a clear descending wedge pattern on the daily time frame.
We are seeing stronger 4H bullish impulse moves, accelerating the closure of this triangle.
The daily support has been consistently respected, with minimal wicks.
Trade Plan:
Wait for a re-test of the daily channel support, and enter on rejection.
Stop loss below daily support. This is a strong confluence, and so we have a very clear invalidation level to use. Because of this, we can have a sniper trade!
TP levels in keeping with daily timeframe support and daily o.16 and 0.5 Fib.
As ever - if we drop to SL, do not re-enter. The safest trade is to wait for rejection of structure and break of descending trendline on smaller time frame.
Good luck, trade safe - and please like, share, comment and follow!
DrBear
This is my trade of the week for next week.
It's a clear entry and exit, good confluences, and clear chart patterns.
Currency:
We are expecting JPY strength very soon
We are seeing neutrality with INR
News:
There is no medium or high impact news affecting either currency in the coming week.
Chart:
We are in a clear descending wedge pattern on the daily time frame.
We are seeing stronger 4H bullish impulse moves, accelerating the closure of this triangle.
The daily support has been consistently respected, with minimal wicks.
Trade Plan:
Wait for a re-test of the daily channel support, and enter on rejection.
Stop loss below daily support. This is a strong confluence, and so we have a very clear invalidation level to use. Because of this, we can have a sniper trade!
TP levels in keeping with daily timeframe support and daily o.16 and 0.5 Fib.
As ever - if we drop to SL, do not re-enter. The safest trade is to wait for rejection of structure and break of descending trendline on smaller time frame.
Good luck, trade safe - and please like, share, comment and follow!
DrBear
