LOOKING TO GO LONG ON USD/JPY
USD/JPY 1H - As we know this is a bullish market and the prevailing trend suggests its going to continue to be. Price is however currently in a higher timeframe corrective phase suggesting temporary bearishness.
With that being said the structure inside of that is currently correcting putting in a bullish leg, this is what we are looking to get involved taking advantage of the current correction within the correction.
This is a safe bet as the prevailing trend is bullish anyways, giving us further strength to the upside, as you all know the trend is your friend so trading with the prevailing one only helps us in a situation like this.
I am waiting for price to trade us down and into an area of Demand allowing us to get involved in some buy positions at a better price with a better risk to reward ratio, once price trades us into our area of interest we want to see clear rejections to the upside so we can look to take part.
With that being said the structure inside of that is currently correcting putting in a bullish leg, this is what we are looking to get involved taking advantage of the current correction within the correction.
This is a safe bet as the prevailing trend is bullish anyways, giving us further strength to the upside, as you all know the trend is your friend so trading with the prevailing one only helps us in a situation like this.
I am waiting for price to trade us down and into an area of Demand allowing us to get involved in some buy positions at a better price with a better risk to reward ratio, once price trades us into our area of interest we want to see clear rejections to the upside so we can look to take part.
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