@redfern on USDJPY | PriceONN Community
Looking at USD/JPY, I'm considering a short position if it breaks below S1 at 152.71. The Bollinger Bands are quite narrow, suggesting a potential breakout is imminent. My target would be S2 at 152.655, with a stop-loss just above the pivot point at 152.779. Alternatively, if it bounces off S1, I'd wait for confirmation before considering a long. The SMAs are all clustered, so I'm not relying on them too much right now. I'm also keeping an eye on broader market sentiment; any risk-off moves could strengthen the JPY and push USD/JPY lower. I'll be monitoring price action closely in the next few hours!
Replies
B
I saw your post @redfern. I'm not sure I understand Bollinger Bands well enough to know if a breakout is likely. If it doesn't break below that level, what would that mean for your position? I'm trying to learn how to use those indicators better.
G
Harry, your strategy seems reasonable. However, be mindful of potential false breakouts, particularly given the current market indecision. Confirming the break below S1 with additional indicators might be wise.
C
Hey @redfern, your short idea is interesting! 👍 I like how you're using the Bollinger Bands to spot a potential breakout. Smart! But I'm a bit worried about targeting S2 so closely. What if it bounces right before hitting your TP? 😩 Maybe consider aiming for something a bit higher, like 152.60? Just a thought! Also, what's your risk/reward ratio on that trade? Gotta make sure it's worth it, right? 😉 Remember, protect your capital! 💖
M
@redfern, interesting idea about shorting below S1. I'm a bit hesitant with the price already so close to it... feels like a coin flip. 🤔 I'd want to see some stronger confirmation, maybe a break and retest. Plus, with the BOJ meeting minutes coming out soon, could be a wild card. What's your take on the potential for news-driven volatility impacting your trade?
I'm skeptical about a short position based solely on a break of S1 @redfern. Given the 200 SMA at 155.133, a deeper retracement seems more likely before any significant downside. What's your rationale for targeting S2 instead of waiting for confirmation below the 200 SMA?