USDJPY Series of Lower Highs | Descending Triangle | 2.38R
See Price Range 110.964 to 110.387. You will see a series of lower highs going into the support line. Support line was broken and turned resistance. After the break, enter on the retest of resistance line (110.387). Price broke exponential moving averages (dynamic support resistance) and retested it. The "intersection" of horizontal support resistance and dynamic support resistance is a value area.
Stop Loss: 22.6 Pips
Take Profit: 53.9 Pips
RR: 2.38R
Entry: 110.387
Take Profit: 109.848
Stop Loss: 110.613
Note: Stop Loss was from Exponential Moving Average Period 10 on April 5 2021 at 08:00
Note: Trade in the direction of the break. My initial bias for USDPY Descending Triangle was a buy. But price never broke and closed above the pattern. So, I didn't enter a long position. When price closed below the pattern, my bias changed to look for sell opportunities. In the chart, see price level 110.387. After price closed below that level, I started looking for sell opportunities.
Stop Loss: 22.6 Pips
Take Profit: 53.9 Pips
RR: 2.38R
Entry: 110.387
Take Profit: 109.848
Stop Loss: 110.613
Note: Stop Loss was from Exponential Moving Average Period 10 on April 5 2021 at 08:00
Note: Trade in the direction of the break. My initial bias for USDPY Descending Triangle was a buy. But price never broke and closed above the pattern. So, I didn't enter a long position. When price closed below the pattern, my bias changed to look for sell opportunities. In the chart, see price level 110.387. After price closed below that level, I started looking for sell opportunities.