USDJPY Short
Direction: - The pair was in Bearish Orderflow.
- Pattern was created in the Bearish H4 OB (Orderblock).
Entry: - M (Double Top) Pattern Formation.
- Big pin created covered the FVG(fair-value gap). This pin is also in the H4 OB. This indicates a quick move occurred to grab liquidity before moving down.
- 13 EMA cross & close, confirming continuous down movement. This was my entry.
- RSI near the 68. This indicates the pair is exhausted and is near overbought. Therefore, the pair is due to drop.
- MBL (Market Base Line) is pointing down above the 50, which indicates probable drop.
- Squeeze in volatility bands between the 50 & 68 indicate a sudden burst will occur downwards (volatility bands will open up to the downside).
Exit: - 9 pip SL @ above high.
- 16 pip TP @ 200 EMA. This can act as a resistance point to the pair, so my TP was slightly above it.
Direction: - The pair was in Bearish Orderflow.
- Pattern was created in the Bearish H4 OB (Orderblock).
Entry: - M (Double Top) Pattern Formation.
- Big pin created covered the FVG(fair-value gap). This pin is also in the H4 OB. This indicates a quick move occurred to grab liquidity before moving down.
- 13 EMA cross & close, confirming continuous down movement. This was my entry.
- RSI near the 68. This indicates the pair is exhausted and is near overbought. Therefore, the pair is due to drop.
- MBL (Market Base Line) is pointing down above the 50, which indicates probable drop.
- Squeeze in volatility bands between the 50 & 68 indicate a sudden burst will occur downwards (volatility bands will open up to the downside).
Exit: - 9 pip SL @ above high.
- 16 pip TP @ 200 EMA. This can act as a resistance point to the pair, so my TP was slightly above it.
Comment:
USDJPY continued to drop as expected. Take TP near last weeks low if you are still in.