I am trading Monthly pattern, so stops have to be based on multiple entries based on smaller frames or Monthly reaction low, as I am trading using 1 entry (under water at the moment) there is no need to panic because price had not confirmed the concerns. Yes, I am cconcerned by the almost total absence of upside in Ninja, but not panicking.
JPY at end of trend?
- Thread starter JSSPMK
- Start date
I am trading Monthly pattern, so stops have to be based on multiple entries based on smaller frames or Monthly reaction low, as I am trading using 1 entry (under water at the moment) there is no need to panic because price had not confirmed the concerns. Yes, I am cconcerned by the almost total absence of upside in Ninja, but not panicking.
Well....it's comforting to see a bull hammer at the end of the NFP weekly chart. No strong action yet, still within congestion pennant. Obviously, not trying to sell a trade to anyone, just sharing my views with the world sort of speak, trading is about making a personal choice of go long, go short or standby, not about being right all the time, just nailing the big moves. Be the hammer, not the nail - I love that one 
Back to basics, weekly chart shows 3 attempts to break the hi (Yen futures), so far 3 failures, 3 lower highs on same weekly frame. Lows have been edging higher too on the other hand, yet not as prominently as the highs have been rejected. So we got a rule of 3 failures vs gradually rising lows. Price is certainly getting extremely coiled around weekly 20 SMA. Exciting breakout forming. I choose to go with 3 rejections to break above highs.