USDJPY - SELL!!
Hey guys,
Wow.. just wow..
The markets have been crazy the past couple of weeks, all in sell mode and dont see this stopping anytime soon with the coronavirus still relatively new in the US and has the possibility, unfortunately, to spread even further.
In terms of trading there will always be opportunities like the one highlighted here...
Here we can see all 3 of my moving averages fanning out (indication of a trend), here is my thought process:
1. A continuation trade to the downside.
2. We see very high volume on one bullish bar highlighted by the red square, this sticks out to me as the volume is extremely high but the bullish bar doesn't give us the result we are looking for, because the bullish bar should be a LOT larger.. therefore it could be a trap set by the institutions?
3. We can see price consolidating, taking a step back before it continues to the downside... (possible)
4. Price has been playing around the 38.2% - 61.8% range which looks like a good sell entry for me.. However if price extends and breaks/closes above the 61.8% my bias will change.
Finally, the whole world seems to be in risk off mode, meaning the JPY is very strong and being bought as it is a safe haven currency.
USD is very weak too, so it seems like a logically trade to make in this current situation..
Thanks for taking your time in reading this post, please let me know what you guys think, i am interested!
Trade well, many pips guys!
-L
Wow.. just wow..
The markets have been crazy the past couple of weeks, all in sell mode and dont see this stopping anytime soon with the coronavirus still relatively new in the US and has the possibility, unfortunately, to spread even further.
In terms of trading there will always be opportunities like the one highlighted here...
Here we can see all 3 of my moving averages fanning out (indication of a trend), here is my thought process:
1. A continuation trade to the downside.
2. We see very high volume on one bullish bar highlighted by the red square, this sticks out to me as the volume is extremely high but the bullish bar doesn't give us the result we are looking for, because the bullish bar should be a LOT larger.. therefore it could be a trap set by the institutions?
3. We can see price consolidating, taking a step back before it continues to the downside... (possible)
4. Price has been playing around the 38.2% - 61.8% range which looks like a good sell entry for me.. However if price extends and breaks/closes above the 61.8% my bias will change.
Finally, the whole world seems to be in risk off mode, meaning the JPY is very strong and being bought as it is a safe haven currency.
USD is very weak too, so it seems like a logically trade to make in this current situation..
Thanks for taking your time in reading this post, please let me know what you guys think, i am interested!
Trade well, many pips guys!
-L
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