USDJPY - Bearish Shark completed, short on retest

Hey guys, this is a great setup on USDJPY.

I am expecting it weaken next with a retracement on the USD.

Pattern Identification

USDJPY has completed a bearish shark last Friday at 115.37.

It has since fallen about 60 pips.

Trade Execution

At this current price, I will only go short if it retests the zone between 115 to 115.30.

I will monitor for reaction at PRZ zone, which could be pinbar or engulfing reversal candlestick pattern at that zone before I go short.

SL has to go around 115.70 and TP will be right back at 112.80.

This pattern will be invalidated if it goes above the PRZ and hits the SL level.

Commentaire:

USDJPY is forming a bearish shark on the m15 chart.

Initial idea has yet to change, will be monitoring for weakness to short this around 115.30 - 115.40.

Trade fermée manuellement:

Price fell without retesting 115.30. Still a great pattern completion, but I missed this one.

Commentaire:

Another great setup that I missed by being too cautious.

Price hit 112.80 as predicted 2 weeks ago after a retest of the PRZ last week.

Hope I will learn from this mistake the next time.

I have to stop fine-tuning my SL so much that I miss the entire profit ride.