this topic and reply is full of informative
USDJPY set up ideas and trades
- Thread starter Pezza
- Start date
USDJPY
This pair looks to be making a drop and has broke structure on the 1 hour TF and leaving relative Equal lows on the 4 hour with the last candle.
I will be looking for 1 of the 2 set ups to form at my points of interest. Looking at both sides of the market for an intraday Buy or Sell.
With the sell set up I am looking for a retracement in to the daily OB an then continuation pushing further down breaking the equal lows.
Or for the Buy for price to continue down the the open imbalance in price and also touch back on the old highs of start of May and then push back up in to the FVG gap on the 4 hour set up.
Both of these set ups would yield around 10% account growth so looking for a good entry is important also.
This pair looks to be making a drop and has broke structure on the 1 hour TF and leaving relative Equal lows on the 4 hour with the last candle.
I will be looking for 1 of the 2 set ups to form at my points of interest. Looking at both sides of the market for an intraday Buy or Sell.
With the sell set up I am looking for a retracement in to the daily OB an then continuation pushing further down breaking the equal lows.
Or for the Buy for price to continue down the the open imbalance in price and also touch back on the old highs of start of May and then push back up in to the FVG gap on the 4 hour set up.
Both of these set ups would yield around 10% account growth so looking for a good entry is important also.
USDJPY
Back with a similar set up to last week with the break of structure on the 1 hour TF .
With this set up I am looking for 1 of the 2 set ups to form at my points of interest. Looking at both sides of the market for an intraday sell and longer idea to buy.
With the sell set up I am looking for a retracement in to the OB an then continuation pushing further down breaking the lows and in to the Gap.
Or for the Buy for price to continue down to the gap towards the bottom and then back above the old highs.
Both of these set ups would yield around 5% account growth so looking for a good entry is important also.
Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
Back with a similar set up to last week with the break of structure on the 1 hour TF .
With this set up I am looking for 1 of the 2 set ups to form at my points of interest. Looking at both sides of the market for an intraday sell and longer idea to buy.
With the sell set up I am looking for a retracement in to the OB an then continuation pushing further down breaking the lows and in to the Gap.
Or for the Buy for price to continue down to the gap towards the bottom and then back above the old highs.
Both of these set ups would yield around 5% account growth so looking for a good entry is important also.
Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
I got in with this pair at 134.98 and just pocketed by gains at 135.16. At the moment, I am bullish most of the yen pairs I follow, all the way. I might consider a short position if this pair manages to climb back up to the 136.29 neighborhood, but honestly, I'm much more comfortable waiting for it to fall and then buying the dips whenever I see signs the pair has found support (on the lower time frame charts).
I can see where you're coming from and that aligns with the oldest adage in trading-the trend is your friend
I don't disagree at all. Nonetheless, whenever I "hear" this old adage stated, my thought is, "Yeah, but that's an oversimplification of the matter." I'm almost finished writing a book on my approach to trading, and here is an excerpt from that publication on this very topic...
Copyright © 2022
Fred W. Duckworth, Jr.
"I think I should probably end this chapter by mentioning that, though one often hears traders stating 'the trend is your friend,' from my perspective, it would almost surely be more accurate to say that the trend is merely one of several friends.
"For it seems to me that what would have to be considered at least equally as important as trend is the location of rates within the entirety of a given asset's price distribution. So then, though investors often speak of trend lines, I've ceased to think of trends as being represented solely by lines, and have come to conceptualize them as belts as well, with the location of price within the expanse of values constituting the width of these oscillating bands being just as important (when deciding exactly where to enter and exit positions) as the general direction that each 'breadth of values' is headed.
"Accordingly, my final decisions on when to buy and when to sell are always made based on the consensus of various input data, sampled in multiple time frames—data which includes baselines, market structure, temporal support/resistance levels, horizontal support/resistance levels, price ranges, and reoccurring chart patterns."
It is the consensus opinion of all these various factors that determines what I will decide to do in the final analysis. The moves I make depend on what each of these determinants means in light of all the others and how they all will affect and impact on one another. It is the interpretation of each moving part individually—and of all these assorted components as a whole—that constitutes my system of trading foreign currency pairs online.
Let's see if USD strength continues though the week. FED speech on Wednesday will be a determining factor.
USDJPY
This pair came back to take out the highs again, from here we can map out what happened after the high got taken and how we could take advantage of the situation day trading.
But currently on the higher TF we are still bullish.
with no current set ups or clear direction I though I would share some of my thought process when looking at charts and reading levels.
This is somthing important to practice and learn, identifying areas and concepts that you would look out for when trading.
Study the charts and how they are moving.
Let me know what you think.
This pair came back to take out the highs again, from here we can map out what happened after the high got taken and how we could take advantage of the situation day trading.
But currently on the higher TF we are still bullish.
with no current set ups or clear direction I though I would share some of my thought process when looking at charts and reading levels.
This is somthing important to practice and learn, identifying areas and concepts that you would look out for when trading.
Study the charts and how they are moving.
Let me know what you think.
thanks for your nice post .
USDJPY Trade idea
This pair is currently in consolidation and waiting to break out. For a while now this pair has been bearish dur to dollar strength and yen weakness. This week we have seen the Dollar rally again but with USDJPY holding showing a form of divergence.
With NFP tomorrow I will be looking for a manipulation move to the upside and then feel we could head south back in to the old FVG low.
This is just an idea for now and we could see the opposite happen depending on the market makers. But just remember news gives an opportunity to drive price. Therefore we do not trade the news event but the aftermath. This idea would take the buyers out the market and then form a BOS bearish on 4hour TF.
Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
This pair is currently in consolidation and waiting to break out. For a while now this pair has been bearish dur to dollar strength and yen weakness. This week we have seen the Dollar rally again but with USDJPY holding showing a form of divergence.
With NFP tomorrow I will be looking for a manipulation move to the upside and then feel we could head south back in to the old FVG low.
This is just an idea for now and we could see the opposite happen depending on the market makers. But just remember news gives an opportunity to drive price. Therefore we do not trade the news event but the aftermath. This idea would take the buyers out the market and then form a BOS bearish on 4hour TF.
Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.