I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.
Sell USD/JPY Again
Ugh! This pair pushed through resistance at 120.50 which sucks! I lost 30 pips. This upmove was most likely due to some nice US economic data that came out today. I STILL believe this pair is headed down. I don't expect any follow-through from this technical break. I think this pair is still stuck in a range and it's merely trading at its upper end.
There is still bearish divergence on the daily chart.
There's also bearish divergence on the 4-hour chart. Price has made a higher high while the oscillator has not.
I'm selling this mama jama at 120.75. My stop loss (SL) will be 121.25. My profit target (PT) will be 119.00.
Sell USD/JPY @ 120.75 | SL: 121.25 | PT: 119.00
