This is my analysis and trading plan on USDJPY i'm looking to short/sell from the 61.80 FIB retracement where the sell is indicated with several confirmations.
1. First confirmation is the double bottom that is about to form at the area of support and indication of a reversal sign with the two green arrow and fib rejection of 0.00 going for a buy/long into the sell zone heading to the 61.80 FIB to find a resistance level. In turn forming a double top indicating a clear reversal sign with the two red arrow which will cause a draw down.
2. Second confirmation, the trend is bearish so i patiently wait for my analysis to play out giving me a clear and strong confirmation to sell/short.
RISK/REWARD RATIO @ 1:6
STOP LOSS @ 100
TAKE PROFIT 3 @ 617
I welcome all comments, feedback, ideas and sharing of knowledge.
Have a great trading week!
Disclaimer: (This is for educational purpose only. Thank You.)
1. First confirmation is the double bottom that is about to form at the area of support and indication of a reversal sign with the two green arrow and fib rejection of 0.00 going for a buy/long into the sell zone heading to the 61.80 FIB to find a resistance level. In turn forming a double top indicating a clear reversal sign with the two red arrow which will cause a draw down.
2. Second confirmation, the trend is bearish so i patiently wait for my analysis to play out giving me a clear and strong confirmation to sell/short.
RISK/REWARD RATIO @ 1:6
STOP LOSS @ 100
TAKE PROFIT 3 @ 617
I welcome all comments, feedback, ideas and sharing of knowledge.
Have a great trading week!
Disclaimer: (This is for educational purpose only. Thank You.)