USDJPY Possible Bull Trap

3 mars 2023

We've got RSI hidden bullish divergence on the 1 hour, which typically means a pump and dump coming. I think price could move up from this area so I am entering a long scalp. However, this move could possibly be the buying climax setting up for a distribution pattern. The buying climax could also have already happened, so price could also move down from this area, but I am thinking one last push up.

3 mars 2023

Note

Price has reached my stop loss, but I am still holding as I believe price will still move up short term

3 mars 2023

Note

Call me crazy, but I am still holding my long position. I have updated my idea and believe price will at least return to my entry next week and continue up. What I thought was the buying climax I believe is the upthrust in phase B of distribution. I was going a little chart crazy yesterday and wasn't looking at the bigger picture. With that being said I think price should get a good bounce from the current area.