160705tu 8.45EST USDJPY Pre-New York Open Strategic and Tactical Trade Plan

Summary: The trade plan is to look for an entry for a short term short trade on the way down to 101.000
and to look for a reversal pattern on the lower timeframes for a long term long trade if price reacts to 101.000 as expected

DAILY STRATEGIC

Market is down, accelerated, 21 below the 55 with good angle and separation
Price is down, below the 21 and riding the 5
Volatility is high

Resistance is at:
103.5, confluent with WR1
104 area, confluent with WM4
105.5, confluent with WR3

Support
At 101.000 there is a cluster of pivots that will probably create a reaction and possibly a double bottom

The trade plan is to look for an entry for a short term short trade on the way down to 101.000
and to look for a reversal pattern on the lower timeframes for a long term long trade if price reacts to 101.000 as expected

H4 STRATEGIC
Market is down but decelerating, 21 still below 55
Price is down, below the 21 and riding the 5
Volatility is reduced and Bollinger Bands after contraction are opening up again

H1 STRATEGIC
Market is down, accelerated, 21 below 55, good angle and separation
Price is down, has been riding the 5 and now reversed to the 8, where it seems to be rejected with a H1 pinbar

M15 TACTICAL
Price is trending down, I drag across the previous lower low which is now support, and wait for price to return to it and test it as new resistance. I will enter and stay in until 101 as identified on the Daily chart as higher timeframe support.

DAILY STRATEGIC

Summary: The trade plan is to look for an entry for a short term short trade on the way down to 101.000 and to look for a reversal pattern on the lower timeframes for a long term long trade if price reacts to 101.000 as expected DAILY STRATEGIC Market is down, accelerated, 21 below the 55 with good angle and separation Price is down, below the 21 and riding the 5 Volatility is high Resistance is at: 103.5, confluent with WR1 104 area, confluent with WM4 105.5, confluent with WR3 Support At 101.000 there is a cluster of pivots that will probably create a reaction and possibly a double bottom The trade plan is to look for an entry for a short term short trade on the way down to 101.000 and to look for a reversal pattern on the lower timeframes for a long term long trade if price reacts to 101.000 as expected

H4 STRATEGIC

H4 STRATEGIC Market is down but decelerating, 21 still below 55 Price is down, below the 21 and riding the 5 Volatility is reduced and Bollinger Bands after contraction are opening up again

H1 STRATEGIC

H1 STRATEGIC Market is down, accelerated, 21 below 55, good angle and separation Price is down, has been riding the 5 and now reversed to the 8, where it seems to be rejected with a H1 pinbar

M15 TACTICAL

M15 TACTICAL Price is trending down, I drag across the previous lower low which is now support, and wait for price to return to it and test it as new resistance. I will enter and stay in until 101 as identified on the Daily chart as higher timeframe support.

4 thoughts on “160705tu 8.45EST USDJPY Pre-New York Open Strategic and Tactical Trade Plan”

  1. Jo says:

    appreciate your time for the detailed analysis,

    looks really good !!!

    1. Miles says:

      Thank you Jo for the nice comment!

  2. Zelda says:

    Hi Miles,
    Awesome job! I traded it as is, and would have worked if i had not jammed my stop past the entry point. Good job
    Will be looking for the double bottom with a 1-2-3 now.

    1. Miles says:

      Thank you Zelda. It’s always good if you jammed your stop at break even and didn’t lose money! Price bounced at 100.6 and is now back at the 55. It’s 20 minutes to London open. Will it double bottom o 1-2-3?

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