Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
USDJPY giant 130 pips bearish candle after NFP now providing a good short setup on it.
This setup is based on my latest tutorial on Pennants and Flags, you can review it here.
Flagpole is around 130 pips and now we are in a possible pennant formation (descending triangle here), so I’m looking for around 13pip below the previous low which is the low of the flagpole at 82.52 and this shows 82.39 is a good entry point.
25% of that 130pips move which is 33pips will be our stop and first target is 33pips for 1:1 risk reward ratio and the second target is to measure another 130pips fall from 82.52.
Note that if it breached the upper bond of the pennant then stand aside.
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