USDJPY DOUBLE TOP pull back trade

FX:USDJPY   Dolar U.S/ Yen Jepun
Dilihat 7032 kali
7032 33

114.00 is strong resistance level
and now price pulled back
RSI in overbought area
We can see there is a wick forming (need to wait for closing)
Therefore My plan is derived
Sell USDJPY @ Current price 113.91
SL 114.20
TP: 113.40 / 112.80
What is your stance on this pair now as the resistance to the upside has been clearly broken?
mr.TNTsunrise-- thank you for sharing your trades and analysis. your clear, concise, and transparent posts are a great learning tool and example for me. are the majority of your trade set-ups based on:
- identifying price channels and triangles,
- major (longer-term) support/resistance levels,
- then identifying 'break-thrus' and/or confirmed by candlesticks patterns, and RSI indicator,
- followed by a forecast of probably future price targets and stop-losses based on Fibs, ElliotWaves (and historical support/resistance lines)

if you had the time -- could you provide corrections and very briefly mention the most important/relevant tools and techniques i have missed here? please interpret my question as someone trying to understand the basics. looking forward to your future trade ideas and posts.
As the candle that stopped at 114.121 broke the resistance/structure @ 113.969 , is the original pattern still valid ? Any chance to get an answer Jack ? My stop loss at 114.23 was hit.
monkey96 dakkid
@dakkid, i think still valid because you can see from H1 chart price still below Fibo 61.8 and you wait till break out or not
dakkid monkey96
@monkey96, Ok thanks. Let's see. Are you still in the trade ? From what I see as new structure, the breakout already happened but I guess I'm wrong... I see strong buyers at Fibo 0.5 ... Look at that pin bar... Let's wait and see...
monkey96 dakkid
@dakkid, yes still on trade, my first trade is hit the SL but i already enter at @114.200 SL 114.120 TP 113.500
Damn, hit STOP LOSS in a manner... Resistance @ 114.117 broken...
+1 Balas
@dakkid, around 114.300 would be tripple top in daily chart. tops from may and july. what do you think?
dakkid Caripoule
@Caripoule, I see the third top to be too high for a triple top. I'm more into buying the pullback and continuing the uptrend... Just my 2 cents.
Amazing as always!
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