So my USDJPY trade closed in a loss after hitting the trailing stop overnight. The entry was triggered by the break of the high of the hammer, but that next bar when completed formed a shooting star (without a lower range) which was a sign of resistance to moving higher. The background after the gap down this week showed some resistance to moving higher as well, but that hammer looked like a a clean-up of stops below the week's lows just before it. I figured if it was going to break higher it would have been a strong move similar to the one after that long tailed hammer in early Jan (middle bottom of chart), but not to be. Turns out this week looks like a consolidation before a move down to test that early Jan low.
