Buying This Again. Will Join Me? What I love about USDJPY is she has been showing clear signs of an uptrend. She has been creating higher highs and higher lows for the past few months and it has been a joy to watch.
I've not been able to catch all of the opportunities she has presented because she doesn't fit each of my 3 three rules, but 'm hoping she can meet it this week.
If she can pullback to my estimation zone( my personal name for my strategy) and prove she can stay above 128.617 I'll buy her again.
This is a tight pullback which is known as a narrow trend. Here is what this tells me and I'm happy to share it with you. It tells me 3 things:
1. My risk to reward will be close to a 1:1.
2. The trade may can take less than 3 days to give profit. If my rules are met she could give profit in less than 24 hours if no fundamentals impact her movement,
3. I could enter this trade no later than tomorrow pending on her candle closures.
At this moment I do not have a 1:1 trade so if price can pull back a little deeper past my zone, but still stay above 128.617 I can happily buy JPY at a great price.
Does your analysis resemble the same buying sentiment? Let's talk about it below. Share your thoughts or questions and let us chat.
No hateful or unkind words please.
