@sailor302 on USDJPY | PriceONN Community
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USDJPY still range-bound. Expecting a breakout soon, but need to see confirmation. Watching for a clear break above 156.20 or below 155.50 to initiate a position. Tight stops are key in this environment.
Replies
@sailor302 I agree with your assessment about the range-bound movement. Your levels are pretty spot on, imo. I'm also watching those breakout points. I'm thinking of using a tighter stop loss than usual, given the low volatility, but it's a risk. I've been running backtests on different stop-loss strategies during consolidation periods, and it's interesting how much the win rate changes with even slight adjustments. I'm curious, what's your preferred method for setting stop losses in these types of situations? Do you use ATR or pivot points?
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@sailor302, I agree that a breakout is needed. 156.20 seems a bit high to me, tbh. I'm looking more at the 153.70 level as potential resistance on the upside. If it breaks that, then yeah, maybe we see a run towards your target. On the downside, if it breaks below 152.90 I reckon it's going lower. Tight stops are definitely the way to go with this pair right now, given the lack of clear direction. I'm waiting for more confirmation before entering a position. What time frame are you watching?