We're taking a long position on USDJPY as we believe there is a good chance that this is a fakeout of the bullish continuation pattern.
USD took a nosedive in today's NEW YORK OPEN even tough there are solid signs it should be heading upwards, but how right can we be? No trade is a winner until it is closed in profit, so take precautions and be ready to close your losses with a definite exit area supported by a STOP LOSS.
Details will be added in the video which is coming in the next few minutes after we release this trade. It will be linked as a related idea.
In short summary:
The daily chart indicates we are in a rising channel.
On the 4H chart, price action is currently testing the 61.8% fib and the middle of the Donchain channel, until we witness a cross over between the 13EMA and the 30DC we would not say price action is in a bearish move, even though the daily chart might agree with the selling.
We are going light on this trade and will build it up IF (emphasis on the IF) we get further bullish signs, until then our risk is a mere 0.5% which also naturally lowers our reward, as the two go hand in hand.
**A VIDEO WILL FOLLOW EXPLAINING THE TRADE SETUP**
>>> MAKE SURE YOU FOLLOW US TO STAY UPDATED <<<
USD took a nosedive in today's NEW YORK OPEN even tough there are solid signs it should be heading upwards, but how right can we be? No trade is a winner until it is closed in profit, so take precautions and be ready to close your losses with a definite exit area supported by a STOP LOSS.
Details will be added in the video which is coming in the next few minutes after we release this trade. It will be linked as a related idea.
In short summary:
The daily chart indicates we are in a rising channel.
On the 4H chart, price action is currently testing the 61.8% fib and the middle of the Donchain channel, until we witness a cross over between the 13EMA and the 30DC we would not say price action is in a bearish move, even though the daily chart might agree with the selling.
We are going light on this trade and will build it up IF (emphasis on the IF) we get further bullish signs, until then our risk is a mere 0.5% which also naturally lowers our reward, as the two go hand in hand.
**A VIDEO WILL FOLLOW EXPLAINING THE TRADE SETUP**
>>> MAKE SURE YOU FOLLOW US TO STAY UPDATED <<<
