After the shorts taking last week, I am looking looking for more entries with good risk to reward ratios that can then allow us to maximize on this pair.
Scenario 1:
Bulls gain a bit of steam and allow for a pullback all the way to the resistance marked in yellow/orange (126.153 region). Once we reach this level, I will have a sell stop placed below the bearish candle that forms around the level with my stop loss above the level and finally my tp extended to the last support (123.869) drawn in on the chart.
Scenario 2:
If this fails (very possible as we do have news coming from the BoJ that could swing the yen in either direction) market will close above my yellow resistance and possibly begin moving up. In this scenario, I will sit on my hands and update my chart as the candles continue to form
Scenario 1:
Bulls gain a bit of steam and allow for a pullback all the way to the resistance marked in yellow/orange (126.153 region). Once we reach this level, I will have a sell stop placed below the bearish candle that forms around the level with my stop loss above the level and finally my tp extended to the last support (123.869) drawn in on the chart.
Scenario 2:
If this fails (very possible as we do have news coming from the BoJ that could swing the yen in either direction) market will close above my yellow resistance and possibly begin moving up. In this scenario, I will sit on my hands and update my chart as the candles continue to form
Trade closed: target reached