USDJPY TRADING IDEA
a) WEEKLY
1. On the weekly chart, price keep creating new HH & HL showing a positive uptrend.
2. The price broke the highest nearest resistance (5th June 2020) and creating a new HH again.
3. Last 2 weeks, price respected the broke resistnce (RBS) with a bear candle but with a very long wick.
4. Last week price made a doji candle.
b) DAILY
1. On the daily chart we saw price already broke market structure, however it still respected weekly RBS.
2. Price was creating new ascending trendline on the daily chart.
3. Symetrical triangle is about to form.
c) H4
1. Price clearly made reversal on H4 chart by making new LH & LL.
d) Plan
1. Though the price seem to be going downtrend on H4 chart but my bias is still long position.
2. I might find an opportunity to place a temporary short position on the previous support and my TP will be at Daily ascending trendline or Weekly RBS.
3. I will monitor the price action that occur when the price come to weekly RBS or Daily TL to seek some reversal candlestick signal and correction pattern.
4. I ll go for swing buy up until the highest high.
1. On the weekly chart, price keep creating new HH & HL showing a positive uptrend.
2. The price broke the highest nearest resistance (5th June 2020) and creating a new HH again.
3. Last 2 weeks, price respected the broke resistnce (RBS) with a bear candle but with a very long wick.
4. Last week price made a doji candle.
b) DAILY
1. On the daily chart we saw price already broke market structure, however it still respected weekly RBS.
2. Price was creating new ascending trendline on the daily chart.
3. Symetrical triangle is about to form.
c) H4
1. Price clearly made reversal on H4 chart by making new LH & LL.
d) Plan
1. Though the price seem to be going downtrend on H4 chart but my bias is still long position.
2. I might find an opportunity to place a temporary short position on the previous support and my TP will be at Daily ascending trendline or Weekly RBS.
3. I will monitor the price action that occur when the price come to weekly RBS or Daily TL to seek some reversal candlestick signal and correction pattern.
4. I ll go for swing buy up until the highest high.
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