What are peoples views on the trade below?
it looks like technically you bought in the middle of a range. Where are you planning on getting out? Where is your stop. What projected RR does that give you?
It looks to me like we have solid stops building under 170.20 as well as over 171.80, meanwhile we’re just chilling in a range. It overall tells me we’re building up stops on both sides while price is ranging in the middle of it. Without any clear guide on sentiment, this tells me to stay away.
What were your views on the chart?
I never trade range ever…
There is no entry here at all, I suspect you saw a tail so you want to go long but like the other OP says, where is your exit? How do you manage the trade? Until price goes above the 171.90 high towards 172 there is no entry at all and on hourly chart I would need to see at least 2 peaks and troughs (bottoms) and a green candle closing above a black at the bottom of the second wave at that point I would go long and use FIb to determine my TP point and start cover like hell, reversals are common on hourly’s.
That’s teh failure swing technique on pure price action. Oscillators are not much good on such short time frames. Try putting IKH (Ichimoku) on the chart it is a JPY pair you may see price is neutral in the cloud.