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USDJPY - Trading with the Flow - Simple MTFA + ScreenshotsHi Traders! The market is in a Downtrend. You'll discover the behavior of the market for the daily, H4 and H1 Timeframe. This is called the Multiple Timeframe Analysis (mtfa). So let's start with the daily: At first we drew the most important (turquoise) Levels. Then we drew the descending and at last the ascending Trendline. The connection of those trendline results a Triangle. This Triangle isn't bullish or bearish; it's neutral. But the bearish pressure is higher, because of: - You already know the market is in a Downtrend. - The 50 EMA is resisting and touching the price. Now we switch to the H4-Timeframe: Here we analyzed the price action behavior of the Up- and Down-Movements. As you can see, the Down-Movements are more aggressiv and more straight then the Up-Movements. Of course it is sometimes the otherway round, but mostly it is like this. Finally, we get to the H1-Timeframe: The market is moving in a ascending Parallel Channel. Pay attention to this: The most recent high was lower than the High before. So this was lower high. In addition the price reached the D1-Trendline. Our Trading Plan is this: If the price breaks and closes below the Channel, we short. The SL is above the recent High, the TP at next conservative Level. We recommend to trade the market with a Risk-to-Reward ratio (RTR) of at least 1 to 1.5. Thanks and successful Trading Week :)!
Short
by swissmoneymakers
2
EUR/USD: Breakout time to get some pips! (Patience is key)Morning all, Price has broken below the upwards trends line and seems there is a strong signal for a potential short lining up on this pair. - As you can see from the annotated chart I will be waiting for price to retrace to the old trend line and bounce back down before I enter a short position - Patience is key here as you dont want to get caught in a fakeout - The next key S/R levels moving down are 1.11717 and 1.11348 - my exit area would be around 1.11348 but that is pending it breaks through 1.11717 Let me know what you guys thinks, a really easy simple setup that just takes patience and caution to maximise our profits! Good luck!
Short
by Simple_FX_