UPDATE ON USD/JPY
USD/JPY 4H - If you didn't watch this weeks Sunday Sessions video then you will probably have missed out on this trading opportunity but as you can see price has played out perfectly.
I wanted to see price correct itself putting in some bullish structure to trade us up and into the Supply Zone above, giving us the opportunity to go short in this market with the longer term bias.
This trade is currently running + 79 pips. (+ 5%) 5RR
This meant we could have looked to go long before we went short, taking advantage of this corrective wave before price goes on to put on the new bearish leg. As you can see price is approaching this area of Supply.
Once we see price penetrate this area, I will then be looking for reasonable confirmation in order to enter in short, we will want to see some kind of structure break to suggest the end of the correction and the start of the next impulse taking us lower.
I wanted to see price correct itself putting in some bullish structure to trade us up and into the Supply Zone above, giving us the opportunity to go short in this market with the longer term bias.
This trade is currently running + 79 pips. (+ 5%) 5RR
This meant we could have looked to go long before we went short, taking advantage of this corrective wave before price goes on to put on the new bearish leg. As you can see price is approaching this area of Supply.
Once we see price penetrate this area, I will then be looking for reasonable confirmation in order to enter in short, we will want to see some kind of structure break to suggest the end of the correction and the start of the next impulse taking us lower.
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