ANALYSIS: This month USDJPY breakout from Ascending Triangle. The price is still trading in measure move. I am waiting for the price exhaustion. Ideally, the price will form a strong valid bearish candlestick pattern before pullback takes place. In the 4H chart, I have noticed that the price is forming bearish divergence.
MY COMMENT: Hi. My name is Kotryna. This is my second time conquering Forex.
I am using a very simple chart set up to do my analysis. You can see technical indicators such as:
EMA20, EMA50, EMA200;
Fib Retracement;
cRSI only for spotting divergences.
Once all indicators align together nicely, I am looking for confirmations into a 4H chart, sentiment report, and economical calendar for the major news release.
I believe simplicity is the key to identifying the direction of the next price move.
Sometimes the analysis can look brilliant and the price is about to surge or drop, but suddenly it doesn't go as planned. That's where open-mindedness is the key. Follow the price not what you assume will happen.
First-year in Forex helped me to realize that all 20 indicators will not help you to win trades. Your approach will. For another year, I was working away from the charts to become a better trader.
SIMPLICITY | DISCIPLINE | TIMING | FLEXIBILITY
Please do not hesitate to comment on your ideas, or even drop me a message if you would like to share your outlook privately.
#protectyourmoney
MY COMMENT: Hi. My name is Kotryna. This is my second time conquering Forex.
I am using a very simple chart set up to do my analysis. You can see technical indicators such as:
EMA20, EMA50, EMA200;
Fib Retracement;
cRSI only for spotting divergences.
Once all indicators align together nicely, I am looking for confirmations into a 4H chart, sentiment report, and economical calendar for the major news release.
I believe simplicity is the key to identifying the direction of the next price move.
Sometimes the analysis can look brilliant and the price is about to surge or drop, but suddenly it doesn't go as planned. That's where open-mindedness is the key. Follow the price not what you assume will happen.
First-year in Forex helped me to realize that all 20 indicators will not help you to win trades. Your approach will. For another year, I was working away from the charts to become a better trader.
SIMPLICITY | DISCIPLINE | TIMING | FLEXIBILITY
Please do not hesitate to comment on your ideas, or even drop me a message if you would like to share your outlook privately.
#protectyourmoney