Daily Analysis and setup guide on "USDJPY" by ThinkingAntsOk
Consider this as a guide to develop your own setup
Main Items we see on the Daily Chart:
-Price broke out from a weekly triangle
-Currently, we can see a Flag pattern that found Resistance on the lower trendline of the Weekly Triangle
-Flag Patterns are considered continuation structures
-We can see 2 failures of the price on re-entering the Previous Broken Structure
On the Chart, we have Set
ENTRY
STOP
TAKE PROFIT
use them as an idea of where to look for entry and exits, with this setup you can have a proper risk-reward ratio, you should have a set of filters before entering the market (like a candlestick confirmation or a corrective structure on lower timeframes). If you are going to take this trade, consider to Break Even on the 107.000 zone
Weekly Chart: a better view of the current context
*Please note that the above perspective is our view on the market, We do not give signals and take no responsibility for your trades.
Main Items we see on the Daily Chart:
-Price broke out from a weekly triangle
-Currently, we can see a Flag pattern that found Resistance on the lower trendline of the Weekly Triangle
-Flag Patterns are considered continuation structures
-We can see 2 failures of the price on re-entering the Previous Broken Structure
On the Chart, we have Set
ENTRY
STOP
TAKE PROFIT
use them as an idea of where to look for entry and exits, with this setup you can have a proper risk-reward ratio, you should have a set of filters before entering the market (like a candlestick confirmation or a corrective structure on lower timeframes). If you are going to take this trade, consider to Break Even on the 107.000 zone
Weekly Chart: a better view of the current context
*Please note that the above perspective is our view on the market, We do not give signals and take no responsibility for your trades.