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.
4 thoughts on “160705tu 8.45EST USDJPY Pre-New York Open Strategic and Tactical Trade Plan”
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appreciate your time for the detailed analysis,
looks really good !!!
Thank you Jo for the nice comment!
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.
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?