USD/JPY SHORT - Long-term, weekly trend line bounce

I've opened a short position on USD/JPY. I looked at the weekly chart and saw the chart was making LL's and LH's, so the overall trend is bearish.
In addition, there is a trend line which the price rejected, as displayed on the chart.
I also used a fib from the swing low to high to see where I should have a take profit. However, the 0.328 level was below the weekly support, but I played it conservatively and placed my TP slightly above the weekly support level.
I believe the pair will continue the downtrend further below to the monthly support level and maybe lower, we will do further analysis as the chart develops.

SL @118.396
TP @112.699

Bình luận:

looking at the H1 chart, there was a H1 trend line break before i entered the trade much closer to the weekly trend line, which would have made the SL much tighter and the R/R very high. Didn't spot this however as I didn't go down to the H1 timeframe. Learn from failures and become stronger.
However, still a very good setup with a R/R @ 2.0.

Đóng lệnh: dừng lỗ:

Doji spike caused SL to be taken out due to being too tight, now is moving in desired direction.