Hello traders, today we have ourselves a lovely USDJPY short. This trade is currently within 10 pips of entry, I still believe there will be a head & shoulders formation however we may miss our entry on this trade by a minor amount of pips.
Confluences:
Structure Level
Head & Shoulders formation
USD Weakness & JPY Strength creating resistance
With this trade we have ourselves a lovely R:R (Risk:Reward) of 1:11.3! This is a insane ration and definitely not one to miss. We have a 30 pip stop loss for our trade which is above the previous structure level.
I have set 2 Take profit zones for this trade, The first profit taking area is at 180 pips at 109.13 Our second profit taking area is at 340 pips at 107.5
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Trade fechado: stop atingido
Stop loss hit We have failed with our first scenario and scenario B is where double top is formed and then reversal. Reentry at 111.6
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