This snapshot shows the basic setup that I try to take advantage of. Right now my trading is discretionary but I try to stay close to my trading rules, though more often than not I open position before the right time.
Here you can see 5 events that make it a good setup in my opinion:
1. Short lived bullish crossover of EMA20 over EMA50
2. Subsequent pullback forming higher low
3. Bullish MACD crossover
4. Net upward pressure forming right side of cup
5. Bar close above the downtrend line
A reasonable stop is 92.82 and target could be 94.80. Lets see how this trade turns out.
Disclosure: Long position in USD/JPY
