USDJPY, like all JPY crosses have been declining in heavy trend. I'm looking to Short USDJPY on the 1hr using a variety of entry techniques that are all lining up in one area.
1. Trend Continuation Trade - I like to sell these pullbacks somewhere between the 61.8% & 78.6% Fib retracements. I like to see some sort of Reversal Pattern or Candle in that area before I pull the trigger.
2. We have a Bear Gartley Pattern that completes right in my "Sell Zone".
3. There is structure looking left.
4. Fib Inversion Trade - The 1.618% fib inversion of the pullback puts price right into my "Sell Zone"
5. ABCD Pattern - There is an ABCD Pattern that completes right in my "Sell Zone"
6. Higher Time Frame - HTF is supporting a down move to about 116.000 and is Trending down currently
7. Ratio Confluence - There is a "Fib Cluster" that all packs into my "Sell Zone"
Depending on how you score it using "Combined Technical Scoring" (CTS), its' at an 8 right now. If the RSI goes overbought then we will be up to 9!
- Stops need to go AT LEAST 1 ATR behind the Reversal Zone and tucked safely behind that 119.00 even level.
- Targets will be what ever your Trade Plan says. My Trade Plan has me placing Target #1 at the Previous lows of the trend and Target #2 at the 1.27% Fib ext.
1. Trend Continuation Trade - I like to sell these pullbacks somewhere between the 61.8% & 78.6% Fib retracements. I like to see some sort of Reversal Pattern or Candle in that area before I pull the trigger.
2. We have a Bear Gartley Pattern that completes right in my "Sell Zone".
3. There is structure looking left.
4. Fib Inversion Trade - The 1.618% fib inversion of the pullback puts price right into my "Sell Zone"
5. ABCD Pattern - There is an ABCD Pattern that completes right in my "Sell Zone"
6. Higher Time Frame - HTF is supporting a down move to about 116.000 and is Trending down currently
7. Ratio Confluence - There is a "Fib Cluster" that all packs into my "Sell Zone"
Depending on how you score it using "Combined Technical Scoring" (CTS), its' at an 8 right now. If the RSI goes overbought then we will be up to 9!
- Stops need to go AT LEAST 1 ATR behind the Reversal Zone and tucked safely behind that 119.00 even level.
- Targets will be what ever your Trade Plan says. My Trade Plan has me placing Target #1 at the Previous lows of the trend and Target #2 at the 1.27% Fib ext.
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