USDJPY set up ideas and trades

pezz55

Sergeant
Messages
188
USDJPY

Back with a similar set up to last week with the break of structure on the 1 hour TF .
With this set up I am looking for 1 of the 2 set ups to form at my points of interest. Looking at both sides of the market for an intraday sell and longer idea to buy.
With the sell set up I am looking for a retracement in to the OB an then continuation pushing further down breaking the lows and in to the Gap.
Or for the Buy for price to continue down to the gap towards the bottom and then back above the old highs.

Both of these set ups would yield around 5% account growth so looking for a good entry is important also.

Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
USDJPY Set up.png
 

bigdolly

2nd Lieutenant
Messages
1,246
I think recent depreciation of JPY against USD was extreme, also since dollar is generally overbought, the risk of USDJPY downside correction is rising.
 

pezz55

Sergeant
Messages
188
USDJPY

This pair came back to take out the highs again, from here we can map out what happened after the high got taken and how we could take advantage of the situation day trading.

But currently on the higher TF we are still bullish.
with no current set ups or clear direction I though I would share some of my thought process when looking at charts and reading levels.

This is somthing important to practice and learn, identifying areas and concepts that you would look out for when trading.

Study the charts and how they are moving.
Let me know what you think.
USDJPY tape read.png
 
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