USD/JPY 1/27/2021 13:30 (DEMO)
USD/JPY 1/27/2021 13:30 DAYTRADE/SCALP
Fundamental/Sentimental
News Events: Low impact news that would justify shorts for today, tomorrow's events could definitely follow with massive volatile moves to the upside.
Market Sentiment: Mixed pretty much, slightly bullish
Technical
Time Frame Analysis:
Monthly: On quite a consistant downtrend in between two structural levels
Sellers being stretched thin, a little exhaustion on sellers
Buyers seem like they could jump in and claim the market
Weekly: Price is retesting a resisting trendline
Consolidation relative to the downtrend means buyers are trying to control the market
Based on the fundementals and my knowledge of what's going on in the US, I'm calling big longs for this pair so far
Daily appears that price is right below at 23 and is being held back by the trend line
Buyers defenitely are showing they have the upperhand buy havent bothered to use it
4H: Harmonic butterlfly pattern
Price is testing a 76, but has not acknowledged the 61. May return to test
Pattern also supports this idea
1H: Right at the trend line, consolidation
Price may need to consolidate before we break it which we will tommorrow
Reason for Trade: The main reason I’m taking this trade, mainly only relying on a strong 76 and a trendline, even though the 61 is not yet found to be critical structural level, it makes sense that price would see a drop, especially due to the events that are bound to happen.
Indicators: RSI is looking oversold for right now, but possible momentum on larger timeframes
Entry
Order: Sell Limit at 104.107
Position: 0.1, 5000USD
RR: 3.08
Fundamental/Sentimental
News Events: Low impact news that would justify shorts for today, tomorrow's events could definitely follow with massive volatile moves to the upside.
Market Sentiment: Mixed pretty much, slightly bullish
Technical
Time Frame Analysis:
Monthly: On quite a consistant downtrend in between two structural levels
Sellers being stretched thin, a little exhaustion on sellers
Buyers seem like they could jump in and claim the market
Weekly: Price is retesting a resisting trendline
Consolidation relative to the downtrend means buyers are trying to control the market
Based on the fundementals and my knowledge of what's going on in the US, I'm calling big longs for this pair so far
Daily appears that price is right below at 23 and is being held back by the trend line
Buyers defenitely are showing they have the upperhand buy havent bothered to use it
4H: Harmonic butterlfly pattern
Price is testing a 76, but has not acknowledged the 61. May return to test
Pattern also supports this idea
1H: Right at the trend line, consolidation
Price may need to consolidate before we break it which we will tommorrow
Reason for Trade: The main reason I’m taking this trade, mainly only relying on a strong 76 and a trendline, even though the 61 is not yet found to be critical structural level, it makes sense that price would see a drop, especially due to the events that are bound to happen.
Indicators: RSI is looking oversold for right now, but possible momentum on larger timeframes
Entry
Order: Sell Limit at 104.107
Position: 0.1, 5000USD
RR: 3.08
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