MrVolcano
Short

USDJPY - Short at trendline resistance

FX:USDJPY   U.S. Dollar / Japanese Yen
nfp
193 views
7
nfp
Very clear "Text book" shooting star signal at top of a 50% retracement and confluence at previous S/R level , as well as just below the strong 9 month upper trendline . Other pairs are also looking bearish for USD too.

Enter short on 50% retrace of the pinbar @103.49
SL: above pinbar tail and trendline @104.16
TP: at likely support around 101.87
Trade closed: target reached: Very nice trade. Had me worried for a while as price because after taking a position the price started rising up and invalidating the pinbar and towards my original SL. As it was NFP, and there still seemed to be a possibility that price would head lower once bulls had pushed the price above the upper trandline, so I added a further 20 pips to my SL as a safety net, which seemed like a good risk to take seeing as I was almost certain to get stopped out during NFP otherwise (which I would have). There wasn't much action as traders were waiting for the US NFP before take positions, but once NFP was over things started to move more naturally again and pushing lower with strength.

How could this have been traded better? I guess the shooting star/pinbar was not fully piercing the upper tramline. A bearish dark cloud signal appeared after confirming the bears were now in control., but it wouldn't have offered me a better R/R. I could have bought in at a higher retrace of the pinbar for better R/R I guess, but a 50% entry wasn't bad.

Probably took profits too early too. There still may be some downside to support at 100.00.

Comments

Good job
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out