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
There is no doubt that the price of a squat, will continue to rise high
dakkid
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Damn, hit STOP LOSS in a manner... Resistance @ 114.117 broken...
Caripoule
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@dakkid, around 114.300 would be tripple top in daily chart. tops from may and july. what do you think?
dakkid
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@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.
Seb86x
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What is your stance on this pair now as the resistance to the upside has been clearly broken?
LXXe
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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.
dakkid
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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
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@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
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@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
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@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