USDJPY has been trending down since late April. You can see the downtrend by just taking a look at the 20 Day SMA line. Last week, the pair seems to have made a nice reversal and it looks like we are on a different trend now. It looks like, on the H4 chart, USDJPY is at the beginning of an uptrend.
This is another trade idea generated by the Elite Swing Trader.
We like this trade and we want to jump in when there is a price breakout to the north. We will be entering a Buy Stop order to wait for the Bulls to pass by. Let us have a look at the summary of the trade…
- Sell Stop Order: 110.296
- Stop Loss: 109.768
- Take Profit: 110.974
An uptrend can be confirmed when you look at the price structure. In a downtrend, you will see low highs and lower lows as we have witness in late April to Mid May. Then when it’s time to turn around, observe the price structure of High Highs and Higher Lows. When you see that, you can confidently take on long positions.
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The Elite Swing Trader Trading Dashboard
With the Indicator, you can now have multiple charts open and wait for the Elite Swing Trader will highlight potential trades to your attention. Of course, without saying, you do not trade every signals. Instead, this is a massive time saver. You decide on the trades to take.
This is a time tested Ever Green Swing trading system. Learn more here…
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