Had my entry order placed at 1.24990 and got filled with the impulsive candle. Weak trendline but took the trade because of the good reward to risk ratio. Stop above recent highs and target at least at the last support level.
Break of a weak trendline. Had my entry order placed and got filled with the impulsive candle to the downside. Not my favourite trade because the trendline only had 2 clear touches but took the trade because of the really good reward to risk ratio.
Stop above recent highs target at the strong support level above 1.03500
Early entry at the break of the trendline.
Additionally there have been rsi divergence.
Let's see if it can break the level around 0.7500
Reward to risk ratio 1.75. Stop above recent highs. Target at support level.
USDJPY has closed the week down a neat trendline.
A bullish bar (inverted hammer) has appeared on the H4 timeframe and this is reflected also on the Daily timeframe (in the screenshot).
The trend seems clear and is still trading under the EMA, even if the macro factors driving the USD might probably come into the game mid week.
If we trade what we see, we can put...
-weekly ascending channel
-weekly higher low made
-weekly counter trend line broken
-4hr ascending channel
-4hr fib found support at 61.80% level however there is a chance of further retracement before going long
-4hr target 1 - 127.20%.
-4hr target 2 looks very likely as it has confluences with upper channel boundary to make new higher high.
This is for my traders who use the daily time frame. self explanatory really reversal about to go down. uptrend has broken price is touching 50 ema. now i have previously said silver is in a downtrend LONG TERM. This is correct, but if you want to profit on smaller time frames buying will be the best bet