Hey traders,
here on USDJPY we touched an important daily level at 116.000 and now price is losing some strength. In 15m chart we clearly are in a downtrend and price action is retracing giving us the opportunity to sell the market at a better level.
We can enter the market using the Bat pattern above, or we can wait for price to enter the orange zone and then search for entry reasons like engulfing kicker and double tops. It's up to you and your personal trading style.
Stop in patterns should stay above X, target down at 38.2 and 61.8% retracement of the AD leg.
You can also shoot for extended targets.
If you have any question, don't be shy and comment below.
Otherwise, see you in the next chart!
here on USDJPY we touched an important daily level at 116.000 and now price is losing some strength. In 15m chart we clearly are in a downtrend and price action is retracing giving us the opportunity to sell the market at a better level.
We can enter the market using the Bat pattern above, or we can wait for price to enter the orange zone and then search for entry reasons like engulfing kicker and double tops. It's up to you and your personal trading style.
Stop in patterns should stay above X, target down at 38.2 and 61.8% retracement of the AD leg.
You can also shoot for extended targets.
If you have any question, don't be shy and comment below.
Otherwise, see you in the next chart!
Order cancelled:
Price came within 2 pips from my entry and then hit targets. Not valid anymore for my rules.