I got more curious about UJ, so I ended up taking a look further
I agree with this quote but bulls do get exhausted, IMO if there is an economic data that changes the whole spectrum of each other’s economy, then the trend is your friend, but as a high probability trade where you lose minimum but gain more, I’d still go for my original decision.
Redline would be my stop-loss, and the green line is my take profit, Yellow box shows you that there was an uptrend market and the orange box is an indecisive market where it is questioning where the price should go. The trend is bullish one week and the trend is bearish one week, if you look at it in a years term, he’ll be a bi-polar maniac. In general, the market does not have so phases in one year, if you can read the market well, you’ll know what it is saying.
If you listened to trump’s news on his Asia tour, he wants to change the trade deficit that the US has with most of its Asia counterparts; I do not see the trend heading upwards in the long term.
If you decided to go for a long position, would you know where you put your T/P? It is very questionable, and the last time it hit 119 was roughly on 28 Nov 2016, a year ago but the recent supports have been hit 3 times in less than a year.
If I did this analysis, I would go back to this period and see what caused the bulls to make this move exponentially. Otherwise I do say the market will keep consolidating at these prices, making it a high probability trade.
This is for educational purposes only.
This is my opinion.