The USD will be strong in 2017.
Along this charge up, there will be minor retracements.
Right now we are seeing a retracement on USDJPY where it should hit minimally 116.
Price hit a cluster of resistance in the daily timeframe with a double top completion.
A break of 116 could send it towards 112 which is a strong support and resistance zone.
2 ways I will trade this.
1. Wait for break of 116, short after pullback back to 116. SL will be 10 pips above previous high 117.80.
2. Wait for pullback to yellow trendline and we go short. SL is still 10 pips above 117.80
Targets will be at 112.
If price does not break convincingly below 116 and bounce off it with a nice pinbar, the bull trend continues.
Along this charge up, there will be minor retracements.
Right now we are seeing a retracement on USDJPY where it should hit minimally 116.
Price hit a cluster of resistance in the daily timeframe with a double top completion.
A break of 116 could send it towards 112 which is a strong support and resistance zone.
2 ways I will trade this.
1. Wait for break of 116, short after pullback back to 116. SL will be 10 pips above previous high 117.80.
2. Wait for pullback to yellow trendline and we go short. SL is still 10 pips above 117.80
Targets will be at 112.
If price does not break convincingly below 116 and bounce off it with a nice pinbar, the bull trend continues.
Trade active
Break below and retest of 116 completes. Hope for a smooth ride towards 112. Good luck guys!
Note
Still riding this setup, about 300 pips now. Good luck to those who held it together with me.SL shifted to 115.50 to lock in 50 pips of profit.
Note
Shifted SL to 113.50 to lock in 250 pips. Great ride but staying conservative to protect my profits.Note
Trailed out +250 pips. Anyone followed this?
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.