USDJPY, 4hr tf, sell inverted cup and handle breakout
Hello my friends,
I hope you all enjoy your weeked and had a great thanksgiving holiday.
I am gonna share my trading plan for next week to you all guys.
Monday gonna be the end of November so we will pay attention to it as it is going to be a key candle for some pairs.
Some pairs need a confirmation on this November candle close to determine the direction.
First trading plan for next week is USDJPY pairs.
As you can see the last 2 weeks, JPY has been very weak against USD compared to others major currency.
As long as price could hold below 104.20 in a monthly closing basis, i favor USDJPY going down.
So we will pay attention to November closing candle.
In my opinion there is a chance it is forming an inverted cup and handle. We will see this pair go down if it managed to take out the neckline.
We won't enter immediately on Monday. Instead, give it some time until price closed below the neckline and enter when it retested it.
The measured objective of this pattern is around 230pips so it will take some time to materialize.
Sell USDJPY 104.15
Stop loss 14.85
Take profit 101.90 (3.2R)
RR Ratio 1 : 3.2
Use only 1-2% risk
Good luck
I hope you all enjoy your weeked and had a great thanksgiving holiday.
I am gonna share my trading plan for next week to you all guys.
Monday gonna be the end of November so we will pay attention to it as it is going to be a key candle for some pairs.
Some pairs need a confirmation on this November candle close to determine the direction.
First trading plan for next week is USDJPY pairs.
As you can see the last 2 weeks, JPY has been very weak against USD compared to others major currency.
As long as price could hold below 104.20 in a monthly closing basis, i favor USDJPY going down.
So we will pay attention to November closing candle.
In my opinion there is a chance it is forming an inverted cup and handle. We will see this pair go down if it managed to take out the neckline.
We won't enter immediately on Monday. Instead, give it some time until price closed below the neckline and enter when it retested it.
The measured objective of this pattern is around 230pips so it will take some time to materialize.
Sell USDJPY 104.15
Stop loss 14.85
Take profit 101.90 (3.2R)
RR Ratio 1 : 3.2
Use only 1-2% risk
Good luck