Short

14 Şub

All weekly momentum indicators IMACD, RSI and Stochastic) are all bearish, so I have been looking for a short opportunity in 4H and daily charts.

$151.85 is the major resistance and support zone (black horizontal line in the chart). 

On Feb 6, USD/JPY broke and closed below the area, but it failed to continue to the downside.
In the following few days, it retraced to Fib 0.5 area but started to move down. Today the price broke below Fib 0.236.   I like the yesterday's strong red candle, cancelling all the buy pressure from the previous day. 

I opened a short position this morning.  
Entry at $152.83.
Stop Loss: $155.145
Target 1: $149.52  (move stop loss to the entry level once it hits this level)
Target 2: $147.395

20 Şub

İşlem aktif

I have moved Stop Loss to the entry area.

The price is getting close to Targe 1. If It looks like the price is going to start to retrace around 149.75-150 area in the lower time frame, I might manually close the first position and let the other one run.