The Plan and Japanese Yen (Watchlist)

USD/JPY

usdjpyEntry on Daily 3399SMA forming the TAZ with the longer term MA respected by price and giving an area of value to trade from. Plus one other confluence which is the 111.5 level.

Range ››› Crossover ››› Breakout ADX>25 ››› Pullback ››› “waiting for trigger”.

Trigger: A candlestick show of price rejection or market structure formation on the 1H.

EUR/JPY

eurjpyEntry on Daily Similar set-up to the USD/JPY above. 3399SMA again forming the TAZ which price has pulled back into. No other confluence except the 38.2% mark on the Fibonacci retracement. The 50% mark has 1 other confluence of the resistance turned support at the 118.4 level.

Range ››› Crossover ››› Breakout ADX>25 ››› Pullback ››› “waiting for trigger”.

Trigger: A candlestick show of price rejection or market structure formation on the 1H.

EUR/USD

usd1morefindingsEURUSD (-).pngOn the monthly with data from February 1985, price at trend line support.

usd2Reference on Weekly Within a range at the support.

usd3Entry on Daily Latest swing, trend on the 4H, potentially wave 1, show buyers coming in at support. A break down of the 4H trend and price dips into the 2060SMA. Could look to go long within the TAZ or at key level 1.0525.

Range ››› Breakout (does not register ADX>25)  ››› Crossover ››› “waiting for pullback” ››› “wait for trigger”

UPDATE (25/02/2017)eurusdNo trigger obviously. 2 trend lines that were not spotted earlier on though. Price might be in the process of making a head and shoulders pattern. If so, with the monthly and weekly support + H&S pattern + break of ST trend line could be a solid bullish signal.

AUD/USD

usd1Monthly supporting trend line, very similar set-up to EUR/USD above.

usd2Reference on Weekly Again, a similar weekly range like the EUR/USD. There is an inverse head and shoulder pattern which suggests further upside.

usd3Entry on Daily Huge bounce off the range support. A pullback within the 1545SMA TAZ with other S/R confluence denoted by the green box could be a good area of value to enter a long trade from.

Small Range ›››  Breakout ADX>25 ››› Crossover ››› “waiting for pullback” ››› “wait for trigger”

Wait for these 4 pairs to fulfil trade criteria. Do not really bother about the rest of the pairs. There are others with similar set-ups like NZD/JPY and AUD/JPY. Just wait for these 4, the cleanest ones, and spend the rest of your time doing everything else you need to do like studying and finishing the driver instructor course.

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