Watching USDJPY as the capitulation increases in the market. Look at the low of September 2020 for a similar picture. Big, pronounced steps down before price finds a bottom.
Looking at that Sept low I think you can put a trade plan together that includes adding to the position on a big bullish momentum candle. You'd need to be careful not to jump into anything too quickly, but once there's enough volume and the move is confirmed on lower time frames I think it would make sense to allocate a portion of the position to aggressive buying on a rip.
Downside is still unknown at this time so I'm just watching until we see signs of life. If it continues down for several more days, I'm on the side lines.
Check out my blog
RuckSack.medium.com
Looking at that Sept low I think you can put a trade plan together that includes adding to the position on a big bullish momentum candle. You'd need to be careful not to jump into anything too quickly, but once there's enough volume and the move is confirmed on lower time frames I think it would make sense to allocate a portion of the position to aggressive buying on a rip.
Downside is still unknown at this time so I'm just watching until we see signs of life. If it continues down for several more days, I'm on the side lines.
Check out my blog
RuckSack.medium.com
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.