Like many traders, I have high hopes for this trading setup. I even see this as a trade that will hit its First Target(TP1) even before its counterpart, USDJPY. But I was wrong about that, you can check the link at the bottom.
Don't get upset over this, because a check-back is pretty normal for a Shark Pattern and it's probably because this is on a 4-hourly chart and the USDJPY is on a 1-hourly chart. So it might not be because of the trend trading vs the counter-trend trading setup.
However, once the market touches 129.26(indicated with a blue arrow), I'm going to shift stops to entry and that it because it is a potential level that the market my stop and reverse against me. That's why checking back on the trade with unbias market sentiment is crucial to 1 success in trading. Well, if one fails to remain unbiased in his/her trade, then when the trade is engaged, just leave it alone.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.