As stated on the earlier post, trying to go long off monthly support with minimal risk. Decent entry trigger on lower time frames. Stop is under lows, would like to see more accumulation/momentum build right here as well as 113.100's resistance breaking or we are headed lower. Definitely the right trade to take risk wise given context. Let's see how this goes. Patience is key!
Komen
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Taking 2/3's off here at 114.00, stop is now below 113.500.
Komen
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This thing's got legs, gunning for the gap at 114.500.
Thanks for your great analysis!
Here is my view on USD/JPY.
It is based mostly on Market profile (volume)
If you are interested there are more intraday and swing trading levels in my profile page. You are very welcome there!
Dale
goldenpunch123
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@Trader_Dale, Thank you for the kind words, will definitely take a look on your page! Cheers.
goldenpunch123
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It truly is amazing how much of an edge S/R with a combination of proper risk management provides traders. Low's held perfectly, indicating an intention to go higher at this monthly support level. Still waiting on a close above 113.100's, which objectively should have price move towards 114.000 next. If unable to get through, could easily trade back down to the lows.
Note to self:
For optimal entry, watch for the initial rejection off support and wait for the pullback back into the level/lows. If buyers want to bring price higher they will not let lows get broken. The key point here is to precisely pick levels or you'll end up getting chopped up try to find where price shouldn't violate - bottom picking as they say - Daily, Weekly, Monthly closes/opens work best.
Here is my view on USD/JPY.
It is based mostly on Market profile (volume)
If you are interested there are more intraday and swing trading levels in my profile page. You are very welcome there!
Dale