USDJPY has reached a important demand level, where it breaks out from a weekly triangle.
A lot of traders would see this as a buy opportunity, it is the same for me as well.
However, what makes a good entry, and what is a good place to put stop loss?
Last week's momentum tells us that sellers are still in control, current price level does not seem to be a good entrance for buyers. You do not want to be fighting the sellers now.
Let the sellers momentum decrease for a moment. Let Daily candle forms ideally a pin bar signal for entry.
For intraday traders, you may hold short positions but with decreasing lot sizes.
Ideally for buyers, Daily candle should form pin bar as decreasing sellers signal, and increasing buyers signal.
It's suitable to hold this trade for weeks.
A lot of traders would see this as a buy opportunity, it is the same for me as well.
However, what makes a good entry, and what is a good place to put stop loss?
Last week's momentum tells us that sellers are still in control, current price level does not seem to be a good entrance for buyers. You do not want to be fighting the sellers now.
Let the sellers momentum decrease for a moment. Let Daily candle forms ideally a pin bar signal for entry.
For intraday traders, you may hold short positions but with decreasing lot sizes.
Ideally for buyers, Daily candle should form pin bar as decreasing sellers signal, and increasing buyers signal.
It's suitable to hold this trade for weeks.
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