Market Update: DOTUSD & USDJPY – July 10th, 2023
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
DOTUSD: Selling On A Breakdown Of Double Bearish Pin Bar + Inside Bar (Combination Setup)
Comments: Price formed a Double Bearish Pin Bar + Inside Bar (Combination Setup) on Sunday, July 9th.
Price moved lower from the recent Bearish Long-Tailed Pin Bar Setup that had formed just below the $5.56 short-term resistance level on Monday, July 3rd (We suggested selling on a retracement higher into the range of this setup in the July 4th members daily market newsletter).
Potential Trade Signal: We are looking to sell on a breakdown of the current Double Bearish Pin Bar + Inside Bar (Combination Setup) that had formed on Sunday, July 9th (Sell Stop: $5.03 & Stop: $5.21).
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USDJPY: Buying On A Retracement Lower & After Price Action Setup At Or Above 137.77 – 138.75 Support Area
Comments: Price moved lower from the Multiple Inside Bar Pattern that had formed on Wednesday, July 5th.
The Bullish Inside Bar + Small Pin Bar (Combination Setup) that had formed on Monday, June 26th has now been invalidated.
Potential Trade Signal: We are now looking to buy on a deep retracement lower and after a price action buy signal/setup, at or just above the 137.77 – 138.75 short-term support area, which coincides with the recent Bullish Inside Bar + Pin Bar (Combination Setup) that had triggered on Thursday, June 15th.
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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
