USDJPY SHORT

2018년 12월 14일

Numerous factors of confluence for a short here; Interacting with the Daily descending trendline, as well as testing a liquidity zone on the 4H. We have seen the ascending trendline tested multiple times I am anticipating a break to the downside soon, however I will close 50% of this trade when we do interact with the TL and watch price action to see how its reacting. Price is also in an overextended phase in my opinion, as we have seen an ascending wedge form after the impulsive bullish move, we are also seeing bearish price action at the current level. I have place a conservative stop, an ATR above the top of my liquidity zone which confluences nicely with the previous high. I will look to move SL to BE at a 0.382 retracement, and probably wont hold this trade over the weekend to conform with my capital management rules.