Rising wedge on the USDJPY following a range.
Plan:
- Wait for the the price to break out of the pattern.
- Once it breaks out, wait for a pull back.
- Observe price action on the pullback.
- The volume of the breakout should be higher than of the pullback.
- If there's a signal and a confirmation of a continuation of the break out, we get in the trade.
- Trail the stop until a momentum reversal on a higher time frame.
Things to note:
- The daily candles showing a rejection to the downside.
- The daily momentum is currently on overbought.
- DXY daily is on overbought.
- JXY is oversold.
- Euro gaining strength over the greenback
Plan:
- Wait for the the price to break out of the pattern.
- Once it breaks out, wait for a pull back.
- Observe price action on the pullback.
- The volume of the breakout should be higher than of the pullback.
- If there's a signal and a confirmation of a continuation of the break out, we get in the trade.
- Trail the stop until a momentum reversal on a higher time frame.
Things to note:
- The daily candles showing a rejection to the downside.
- The daily momentum is currently on overbought.
- DXY daily is on overbought.
- JXY is oversold.
- Euro gaining strength over the greenback