We are currently bearish on the daily timeframe and price just came into a very strong resistance level/order block with the daily stochastic RSI in the way overbought territory. I am in on shorts from 1.27500 and looking to hold it unless price says otherwise.
Overall on the higher timeframes, we are bearish. I will be looking for sells in this POI and waiting for price action to change on the lower timeframes before entering a trade. What are your thoughts?
LONG THEN SHORT. USD/JPY is making lower lows and lower highs. There is a FVG @147.600 area that will most likely get filled with heavy resistance right above where I am expecting price to drop and take out the low.
This pair is currently making lower lows and lower highs and I am waiting for price to pull back into the 50-60% fibb. From this area I would look for an entry with lower time frame confirmation and ride it back down to the low. Don't enter blindly and wait for confirmation.
