USDJPY Trade Idea for Week May 16-21
The overall bias on the monthly, weekly and daily time frame is bullish .
My trading idea:
1. On the daily TF, price was rejected at the 50% fib level which also coincides with the daily bullish trend line (confluence). Price has also created a H and L on this TF.
2. On the H4 TF, there is a break of structure and price has created a HH. Price also broke and retested the H4 counter trend line (confluence). This gives us confirmation for a bullish bias.
3. On the 15 mins TF, price is making LL and the price is under SMA / EMA cross. This means the market is not ready for a bullish move yet. So we wait for a 15 mins TF break of structure with an engulfing variation before we place a long order.
My trading idea:
1. On the daily TF, price was rejected at the 50% fib level which also coincides with the daily bullish trend line (confluence). Price has also created a H and L on this TF.
2. On the H4 TF, there is a break of structure and price has created a HH. Price also broke and retested the H4 counter trend line (confluence). This gives us confirmation for a bullish bias.
3. On the 15 mins TF, price is making LL and the price is under SMA / EMA cross. This means the market is not ready for a bullish move yet. So we wait for a 15 mins TF break of structure with an engulfing variation before we place a long order.