Categories: Technical Analysis

Selling intra-day rallies in USDJPY

Hello friends,
Today I want to discuss the intra-day opportunity in USDJPY. The price reached the levels i was waiting for and made a false break (which would have been a great sell but was during the night for me) and now we can join on the correction. Keep in mind that once the price reaches the lower up trend line we will most likely switch to bullish mode and look for long entries. Here is the plan for today:

Technical Overview:
H4 – price bounced off of an up trend line (from the highs), up trend line from the lows as well is waiting a bit lower

Entry:
M30 – there is bearish hidden divergence already forming. From the current levels up to 1.20 we can look for an entry. Bearish MACD slope and bearish candle pattern (you can confirm the entry on the M5 chart with regular bearish divergence)
Target 1: 119.50
Target 2: 119.00
Stop Loss: above 120.25

Video Explanation:

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.