USDJPY has been on a sharp Bullish run over the last two weeks moving over 650 pips to the upside. It has broken the highs that were last experienced almost 20 years ago in 2003. It now needs to retrace. The below graph shows the current daily chart. I am looking for a BOS (Break of Structure) below the lowest lows of the last two weeks, then a retest of the BOS before I look for a Bearish entry. This is a counter trend trade but i am expecting at least a 300 pip move.
USDJPY
My Entry will be on the retest of the BOS line with a 50 pip SL and my TP will be at the monthly key level below. this is a 3.5:1 trade.
Let me know if you follow and agree.
If ypou would like some one on one trading mentoring please drop me a message
USDJPY
My Entry will be on the retest of the BOS line with a 50 pip SL and my TP will be at the monthly key level below. this is a 3.5:1 trade.
Let me know if you follow and agree.
If ypou would like some one on one trading mentoring please drop me a message