CryptoJon101

USDJPY - Recent breakdown, Sell entry on retest

Short
OANDA:USDJPY   U.S. Dollar / Japanese Yen
Recent breakout of key level is encouraging for short term short trade. Will be looking for an entry on re-test of key level which was recently breached. Entry will be on Price Action signal only. Will be updating this setup as it unfolds until invalidated.

If there is a retest and entry signal around 108.2, this could result in a good risk/reward ratio.

This is not advice, it is a trade idea only. Do your own research.

Trade Less!
Cryptojon101
Comment: Patience!
Comment: If trading on the 4hr, a nice pin bar sell signal showed up. If taken it would have given you a 1:2 risk reward (SL above the pin, TP 50% retrace of last bullish pin). This was a short term trade, I will wait for better setups on the longer term picture. Great example of a micro trade within a bigger trade idea.

If you can always wait for the perfect setup. When the setup develops with a signal to enter trade, if not we will pass this trade idea and wait for the next one. Patience!

Comments

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