USDJPY New Downtrend
Updated
USDJPY on the daily time frame seems to have entered a new down trend. You can see that the lower range of the previous uptrend has been broken and its now forming waves of the new down trend.
So what your now basically are seeing is the a blue print for the new trend. Since its now at the stop of it close to the upper range and the Stoch is very bearish its a good time to enter a sell.
Best way to trade a trend for a longer 1-2 week period is to start small with a big stop around 80 pips. Then when you made 60 pips lower your stop to entry and add a 2nd position with a 60 pip stop loss. Continue doing this and after you added 2 positions (so 3 positions total) you are fine and cant make a loss anymore while you keep stacking up new position on which your profit will exceptional grow while the trend goes on.
So what your now basically are seeing is the a blue print for the new trend. Since its now at the stop of it close to the upper range and the Stoch is very bearish its a good time to enter a sell.
Best way to trade a trend for a longer 1-2 week period is to start small with a big stop around 80 pips. Then when you made 60 pips lower your stop to entry and add a 2nd position with a 60 pip stop loss. Continue doing this and after you added 2 positions (so 3 positions total) you are fine and cant make a loss anymore while you keep stacking up new position on which your profit will exceptional grow while the trend goes on.
Trade active
Note
Press play to see the new candles appear and you will be shown the strength of a trading channel when you catch it early :)Note
2 weeks later range still active with one fake break out. This break out can be used to adjust the lower range/
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