As I promised yesterday, I am posting my current position on the market. I took sell position on USD/JPY yesterday from 110.87 cause of a few major reasons. I won't go too much with details but with mention some of the major ones. Also, I want to say that all these opportunities were posted for members of www.prosperiumfx.com so join us there and become part of our trading family.
As you already know I cover market profile view with price action structure. Let's start with the price action structure view.
USD/JPY did gap down on the Monday opening and it did the break of the few days trading range in the background, which was the sign that there is the good potential of the downward continuation. Gap down resulted in the new momentum on the oscillator and after that, I found that rally to the Medium Keltner and I saw that there is no buying power to rally more so selling was the right decision with the assumption that low at 110.28 will be re-visited. Also, the gap acted like resistance and buyers didn't have the power to go through.
From the perspective of market profile. I found that the value for Monday was clearly lowered together with POC, which was a sign of the downtrend beginning. Today value is starting to overlap to lower slowly but it started. I expect at least a test of 110.28 and potentially breakout since the low looks weak.
Patience and waiting for the right setup is key in this business. It looks attractive that you can trade anything with one click and open position but good opportunities don't have so often, you need time to set up for something good and our intensive program we teach our students the whole process of analyzing and what we wait before even thinking about entry...
As you already know I cover market profile view with price action structure. Let's start with the price action structure view.
USD/JPY did gap down on the Monday opening and it did the break of the few days trading range in the background, which was the sign that there is the good potential of the downward continuation. Gap down resulted in the new momentum on the oscillator and after that, I found that rally to the Medium Keltner and I saw that there is no buying power to rally more so selling was the right decision with the assumption that low at 110.28 will be re-visited. Also, the gap acted like resistance and buyers didn't have the power to go through.
From the perspective of market profile. I found that the value for Monday was clearly lowered together with POC, which was a sign of the downtrend beginning. Today value is starting to overlap to lower slowly but it started. I expect at least a test of 110.28 and potentially breakout since the low looks weak.
Patience and waiting for the right setup is key in this business. It looks attractive that you can trade anything with one click and open position but good opportunities don't have so often, you need time to set up for something good and our intensive program we teach our students the whole process of analyzing and what we wait before even thinking about entry...
"Buy on fear, sell on greed !!!