USD/JPY Long Chance - Ichimoku Buy Opportunity
This is a pretty simple drawback setup that I have my eye on going into this upcoming week.
We've started to break tenkan sen support so I am looking for a drop down to kijun sen for a chance to get long.
Usually I am looking for a good wick to form through kijun sen with the body of the candle closing above it, but I will be watching all price interaction in the case of a fall to support.
We have a pretty good risk to reward ratio here and some price structure levels to aim for along the way.
If we reach recent price structure highs, I will leave some of the position to run as long as there are bullish confirmations.
If our confirmations change or we fail to get a good entry, this setup may become invalidated.
We've started to break tenkan sen support so I am looking for a drop down to kijun sen for a chance to get long.
Usually I am looking for a good wick to form through kijun sen with the body of the candle closing above it, but I will be watching all price interaction in the case of a fall to support.
We have a pretty good risk to reward ratio here and some price structure levels to aim for along the way.
If we reach recent price structure highs, I will leave some of the position to run as long as there are bullish confirmations.
If our confirmations change or we fail to get a good entry, this setup may become invalidated.
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