+08-05-2008+(before).jpg)
*Attached chart (1hour-Before). Click on it for the enlarged version.
Hello everyone,
I shorted the USD/JPY today, [08-05-2008] at 10:09am (Singapore Time) | 02:09am (GMT) at the price line of 104.75.
what I saw was that, price action movements and candle pattern. After price has broke below my [Ash Weekly Pivot], it was unable to break above with a formation of candle pattern which is called "Falling Three Methods". It is a sign of continuation on the downside. My analysis was supported by Fast and Slow [Ash C Wave] down, MAs down and [Ash Cross Over] down. Double checked with the 4hour chart, [Ash Cross Over] down as well.
My Stop Loss at 105.01(26pips) and Target Profit at 104.00(75pips). Risk : Reward = 26 : 75 = 1 : 2.88
Market has moved in my favour and currently, 10:38am (Singapore Time) | 02:38am (GMT), I am around 30pips in the money. Have shifted my Stop Loss to Protective Stop at the price line of 104.74 (1pip in the money).
Will update as this trade goes by :)
Peace and trade safely everyone...
2 comments:
Hi Ash,
Cannot identify the fallen 3 method on your UJ chart. Can highlight it for us :)
Hi Terence,
I have replied directly to your email with the highlighted screen shot and explaination :)
Warmest Regards,
Ash
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