With the first trade working out on the USDJPY with the move from resistance of the top of the channel to the bottom with bearish RSI divergence its now setting up for another move to the downside with a break of the upward channel. For the second trade I am now looking for a retest of the break, there is some very good support with two trendlines converging @146.30 I will be looking for a rejection at this level and taking a entry with a stoploss at last swing high. Will be looking for a take profit at next resistance zone at around 138.00, it could be a bigger measured move with the channel pattern @131.00 so will use a trailing stop or move stoploss to last swing high if it gets to fist target area and update this idea if needed. Move SL to BE when safe to do so and good luck.
Trade active
Comment:
Have moved SL to breakeven @146.30 as there is good resistance there.
Comment:
Looking for another entry on break of this rising wedge on smaller time frame
Looking for another entry on break of this rising wedge on smaller time frame
Comment:
Have moved SL to 142 as clear trendline at that area, free play for the bottom of the channel.
Have moved SL to 142 as clear trendline at that area, free play for the bottom of the channel.
Trade closed manually:
SL on last swing low was hit for a RR 1:3 win