Lower low at 10:10. Expected this because of the 4 hr reversal bar. Waited for the lower low. Normally i don't trade on this time frame (usually 4 hr /daily) , but this was to good to pass up. Low risk for a substantial return if this starts to run. We will see. Counter trade for me too.
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Commercial Member
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Joined Sep 2005
|1,118 Posts
I guess it depends what time frame you guys are following, but in my chart I see a descending channel that is about to break upward. If such breakout does happen and confirms via price action, Im bullish on USDJPY.
I guess it depends what time frame you guys are following, but in my chart I see a descending channel that is about to break upward. If such breakout does happen and confirms via price action, Im bullish on USDJPY.
Ignored
Absolutely right. I normally trade 4 hr charts which is definitely upward. ( in fact i'm long now. But i get bored.... and took my same system to the 10 minute/1 hr time frame, saw the short (counter). Took out 34 pips with first lot (first sign of support) and brought the other to BE which was taken out on a stop.
This is probably one of my problems that i change time frames. My trading plan is based on 4 hr/daily but i am allowed a couple trades a day on the smaller time frame if i want. ONYLY a couple though. That is more for fun because it is the larger time frames that works for me and brings the real rewards, although 34 pips ain't bad. Keeps me from whiplashing my self to death.
Thanks for highlighting this, as one of the most important things to have in ones plan is to know WHICH time frame they are trading, even when you show multiple ones on the screens (and often get confused) and forget.....
