USDJPY set up ideas and trades
- Thread starter Pezza
- Start date
Back with USDJPY
With the rate hikes today and the break of structure on this pair I will be looking for opportunities to ride this down.
At the moment we have had a strong bearish movement with not real retracement to off set price delivery.
I will be looking for this pair to pull back tomorrow in to an area of interest and fib level. the 70% looks optimal From this area i will be looking for price action in London or new York session and targeting the spike gap from last month.
Keep a close eye on market structure and remember key entry and price action will be needed.
Let me know what you think of this and I will get back to you with an update later on.
With the rate hikes today and the break of structure on this pair I will be looking for opportunities to ride this down.
At the moment we have had a strong bearish movement with not real retracement to off set price delivery.
I will be looking for this pair to pull back tomorrow in to an area of interest and fib level. the 70% looks optimal From this area i will be looking for price action in London or new York session and targeting the spike gap from last month.
Keep a close eye on market structure and remember key entry and price action will be needed.
Let me know what you think of this and I will get back to you with an update later on.
Interesting... I am waiting for the exact opposite—the opportunity to ride the pair up. True, the Japanese yen-U.S. dollar has been falling for 12 days now, but candlesticks are painting below the midpoint of what I regard as the 12-day price flow, which I figure must be exerting at least some degree of upward pressure. Moreover, I calculate what I call "statistical support" in the form of the bottom of the six-day price range at around 132.87, and I think it's possible that the rate is being rejected in that neighborhood, having bounced back up to 133.46 after falling down to 132.49.
However, I am waiting for an upward hook in the eight-hour baseline for the go ahead to enter a long position, and that hasn't happened yet. (IF it does turn north, and is then followed by upward turns in the 16- and 32-hour measures as well, from my perspective, a more bullish sentiment will at that point have a lock on the rate.)
It doesn't look like the eight-hour baseline is going to transition from bearish to bullish anytime soon, and the rate has dropped below what I calculated as the bottom of the typical six-hour price range. So, I've marked the next four support levels generated by my charts where I will need for this pair to finally turn around if I am ever going to be able to buy it.
It appears that Pezza was spot-on. It will be interesting to me to see if former resistance becomes current support at this level...
USD/JPY set ups
Looking at trading this pair depending on the run of liquidity, We have equal highs and lows along with a FVG. Personally i would like the buy option to come in to play ready for Friday trading but we have to trade what the market gives us and be able to trade in both directions.
The buy idea is a run to the FVG leaving the equal lows and break to the up side to take out the equal highs first before we continue bearish. But we might get the sell option first and if so then break equal highs touch on the breaker and sell of down to the equal lows and continue structure.
Will be looking for BOS in 5/15 min TF, Keep a close eye on market structure and remember key entry and price action will be needed.
Let me know what you think of this set up.
Looking at trading this pair depending on the run of liquidity, We have equal highs and lows along with a FVG. Personally i would like the buy option to come in to play ready for Friday trading but we have to trade what the market gives us and be able to trade in both directions.
The buy idea is a run to the FVG leaving the equal lows and break to the up side to take out the equal highs first before we continue bearish. But we might get the sell option first and if so then break equal highs touch on the breaker and sell of down to the equal lows and continue structure.
Will be looking for BOS in 5/15 min TF, Keep a close eye on market structure and remember key entry and price action will be needed.
Let me know what you think of this set up.
USDJPY became a "buy" for me on Wednesday, when the eight-hour baseline turned north, and was confirmed by the 16-hour baseline doing the same. By Friday's close, even the 32-hour measure was beginning to hook upward.
I never heard of fair value gaps before. I would have just called that horizontal support and resistance, which I plotted Monday at 131.404 on the daily chart I pasted in Post #45. (So obviously, I don't know what is the difference between fair value gaps vs. break of structure either—I'm clearly not a very sophisticated trader.)
In any case, I just can't see USDJPY "running to the FVG, leaving the equal lows, and breaking to the up side to take out the equal highs." (Of course, that doesn't mean that it won't.) But it seems to me that there is simply too much bullish pressure at this point for the pair to return to the FVG. From my perspective, the buy option came as soon as the rate started playing around below the 133.00 handle, and it was just a matter of waiting for the trigger signal to go long.
I never heard of fair value gaps before. I would have just called that horizontal support and resistance, which I plotted Monday at 131.404 on the daily chart I pasted in Post #45. (So obviously, I don't know what is the difference between fair value gaps vs. break of structure either—I'm clearly not a very sophisticated trader.)
In any case, I just can't see USDJPY "running to the FVG, leaving the equal lows, and breaking to the up side to take out the equal highs." (Of course, that doesn't mean that it won't.) But it seems to me that there is simply too much bullish pressure at this point for the pair to return to the FVG. From my perspective, the buy option came as soon as the rate started playing around below the 133.00 handle, and it was just a matter of waiting for the trigger signal to go long.
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USDJPY Trade update from last week.
On the right is the chart and ideas I posted last week and on the left is an update.
As you can see the sells got tagged and running in profit. Currently looking at structure I feel we could go all the way to TP on the sell but will be watching the buy area at London tomorrow to see if we need to shut it down and change bias. Currently running at 5R and seeing what the markets bring for Friday trading. Could be continuation move or retracement of the week move.
This is why you need to manage a trade and watch price action. we do not want to give what we have earn back to the markets.
Let me know if you caught the trade and your set ups in the next week.
On the right is the chart and ideas I posted last week and on the left is an update.
As you can see the sells got tagged and running in profit. Currently looking at structure I feel we could go all the way to TP on the sell but will be watching the buy area at London tomorrow to see if we need to shut it down and change bias. Currently running at 5R and seeing what the markets bring for Friday trading. Could be continuation move or retracement of the week move.
This is why you need to manage a trade and watch price action. we do not want to give what we have earn back to the markets.
Let me know if you caught the trade and your set ups in the next week.