USDJPY following SHORT position after trend correction

2019年6月4日

On all charts we can see the descendant trend (W,M,4H and 1H).
There are no signs of a possible correction on bigger time-frame charts.
I am looking for some sell positions, on of them marked OP:107.838 TP:106.688 SL:108.338 (115/50 pips).
I will enter this trade soon, but I expect a correction on small time-frame charts (as the impulse of the descent trade is completed for 1H and 4H)
I wait for the correction first because my SL is very small comparing with the possibility of the correction.

Reasons for why I am targeting sell positions:
- we have the price under the level of 100 SMA on all time charts
- the RSI indicator is in over-sell area (on all charts)
- we are in the descendant trend (on bigger charts we have the impulse leg of the trend)

Reasons why I expect a correction, before entering this trade and search for others
- on 1H and 4H the impulse of the trend is finished or closed to finished so we expect a correction of the trend (it will match the daily pivot and weekly pivot that are missed.)
- I will not look for a buy order on the correction of the trend as the correction will be very small (but bigger than my SL).
- if we look on Fibonacci the missed pivot is around the 0.5 correction level

2019年6月5日

註釋

It is going as anticipated, but that support line is still in place, waiting for a clear crossover before entering the trade

2019年6月6日

註釋

I did not enter the trade, as the entry signal was not very clear.
As you see it went close to the stop loss (bullet dodged)
I will wait for a stronger signal to enter

2019年6月9日

註釋

I will redo the analysis for this week!