Shorted USD/JPY last week and this video shows the trade I made from start to finish.
After a long bullish rally USD/JPY made a lower low on the 4hr which gave a great opportunity to short at the retracement. There was a confluence zone as highlighted where the price rejected the 61.8 fib level and the previous support now turned resistance zone.
Entry on the lower time frame once the entry conditions were met with a risk to reward of 2-1, therefore an overall profit of 2R.
I hope you like the breakdown of my trade and appreciate your likes and comments!
After a long bullish rally USD/JPY made a lower low on the 4hr which gave a great opportunity to short at the retracement. There was a confluence zone as highlighted where the price rejected the 61.8 fib level and the previous support now turned resistance zone.
Entry on the lower time frame once the entry conditions were met with a risk to reward of 2-1, therefore an overall profit of 2R.
I hope you like the breakdown of my trade and appreciate your likes and comments!