Hi guys,
Yen pairs lately have been very bearish, keep creating lower lows and lower highs. In cases like this we only want to get involved in a bearish trade, like this one. Price is up to retest a previous level of 4H structure and it's finding difficulties breaking through. You can see it tried to break twice and failed, thus creating a double top: the most interesting part though is the break of structure to the downside that somehow confirms our bearish bias.
So you can use, according to the 2618 strategy, the 618 retracement of the impulse that broke the neckline.
Stops above the highs, targets as illustrated above.
If you have any question, or you want to share your view, feel free to comment below.
Otherwise, see you in the next chart!
Yen pairs lately have been very bearish, keep creating lower lows and lower highs. In cases like this we only want to get involved in a bearish trade, like this one. Price is up to retest a previous level of 4H structure and it's finding difficulties breaking through. You can see it tried to break twice and failed, thus creating a double top: the most interesting part though is the break of structure to the downside that somehow confirms our bearish bias.
So you can use, according to the 2618 strategy, the 618 retracement of the impulse that broke the neckline.
Stops above the highs, targets as illustrated above.
If you have any question, or you want to share your view, feel free to comment below.
Otherwise, see you in the next chart!
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