Trade77; USDJPY Short Setup 7am

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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Great Thanks

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  • Anonymous

    Still we are not in the trade Ross, If you check out the Time Filtering section in the Pennants tutorial I’ve written there that “if a breakout were to occur late in the Asian session or late in the U.S. trading session, that breakout would be considered suspect” This is our rules!

  • No problem, it bounced 20 pips from 82.30-82.50 due to support pivot and also the 50% FIB. Just trying to help on some better possible entries. This is one I have been short that’s why your post perked my interest. GL

  • Anonymous

    Ross, Thanks for your opinion about this trade idea.

  • Traders please note area for entry here is the 50% fibonacci retracement, if you want to enter there I would look for a pullback on that level.