IamNomad

$USDJPY daily consolidation/triangle hell

FX:USDJPY   U.S. Dollar / Japanese Yen
36 1 0
lower highs/higher lows.

At the time of this writing, yes it technically fell out of the triangle *BUT* it trying hook back in the lower time frames so i wouldnt be comfortable shorting here
I also do not like to short when 4hr stoch is that low to the ground in any product, regardless of what time frame im trading. its never your best entry.

If you had bids on the top of that top order block, youre probably thinking a W is trying to form and s1 was is a good buy. its a good bet , providing dollar doesn't get sold down too far

A safe bet for a long would be 103.25 - 103.40 bids. its the daily s2 and theres a pretty well testing orderblock there. However like all safe bets it might not make it. Many intra day signals are saying a reversal is coming.

if i wanted a short at the 104.10 and 104.40 areas but it i use small stops..

fib extension would tell you to short about at where weekly r2 is at.

non-ta opinion 105 and 107 are big resistance numbers the institional and retail hedgers have their eyes on .. i wouldnt be suprised if price went there just because "they" wish it so.
so this exactly hooked up into resistance and got slapped down into that second order block. if you had bids anywhere in there , your now in 10-20 pips profit
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