GJ Near a lot of Resistance
Looking at the daily, it looks like a very steady range lock, and now price is near the edges of the range. A lot of strong drops have happened from this level before. I see a clear trend line broken, with a common pattern of coming to the line then dropping, so looking to short at 167.81. This is a clear mechanical divergence.
Another hedge trade, so buy stop set for 168.3 in case it does finally break free... Target is about 165.5, but if it slows and stalls early, I'll cut it, but that's not a promise. JPY pairs have a habit of moving a lot and not really going anywhere at all, so it depends what it is doing before I say axe it... Watching the hourly / 4 hour/ daily to keep an eye on the bigger levels for making trade choices, as in between levels tend to be choppy, especially with JPY anything.
Another hedge trade, so buy stop set for 168.3 in case it does finally break free... Target is about 165.5, but if it slows and stalls early, I'll cut it, but that's not a promise. JPY pairs have a habit of moving a lot and not really going anywhere at all, so it depends what it is doing before I say axe it... Watching the hourly / 4 hour/ daily to keep an eye on the bigger levels for making trade choices, as in between levels tend to be choppy, especially with JPY anything.
Trade active:
Limit filled
Comment:
Just a general volume judgement, it looks to have most of the sellers between 167.92-168, so that makes me think a little better to this level holding
Comment:
Trade set to breakeven, hedge order deleted
Comment:
breaking the level easily, moving stop to 1:1.5 and continue to hodl
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165.4 looks to be a defined area and a good target for this one
Comment:
Moving stop to 166.5 (1:3 Lock)
Trade closed manually:
Stalling and at a "shelf" like level from before. Iffy area and that's 1:3.5, covers double the losses I made playing with this pair and others earlier this week lol. Probably going to be a little higher up and re-enter, but overall think short is the way, it will stay inside the range forever more... (daily)
Comment:
Recap : Gain of 167.9 pips, Risked 49, 3.427 R
Looks like we may float to about 166.5-7 for the close today, it will slow down soon and then a few hours into the new day it'll move again, where I'll look for an attack :)
Looks like we may float to about 166.5-7 for the close today, it will slow down soon and then a few hours into the new day it'll move again, where I'll look for an attack :)
