USDJPY push higher to 106.600 then move lower to 105.400
Hi Guys,
This is one of my students chart analysis that we took in lesson to show her how forecasting is done. This is all independent work. Her reasonings are below. (I have full rights to use this)
1. Reason why we've forecasted this trade is because...
1. 106.600 is our entry because it is a whole number, this is where banks and financial institutions come into the market.
2. 4HRLY is overbought... However daily timeframe is oversold So I would expect a bounce lower and then a move higher so it corrects itself on the daily timeframe for when it reaches our entry it is a valid short position.
3. Expecting a bounce from the upper trend line.
4. Within the 106.600 and the 106.800 there is a indication (due to previous data) that at this price the currency generally speaking tend to reject from.
Stop loss is 40 pips
Take profit is 100+ pips
This is one of my students chart analysis that we took in lesson to show her how forecasting is done. This is all independent work. Her reasonings are below. (I have full rights to use this)
1. Reason why we've forecasted this trade is because...
1. 106.600 is our entry because it is a whole number, this is where banks and financial institutions come into the market.
2. 4HRLY is overbought... However daily timeframe is oversold So I would expect a bounce lower and then a move higher so it corrects itself on the daily timeframe for when it reaches our entry it is a valid short position.
3. Expecting a bounce from the upper trend line.
4. Within the 106.600 and the 106.800 there is a indication (due to previous data) that at this price the currency generally speaking tend to reject from.
Stop loss is 40 pips
Take profit is 100+ pips
Trade active
Trade closed: stop reached