We're going long on EURJPY based on the information seen in the chart.
We recently had a breakout of the trendline which was heading right for a support, thus creating a contraction of price between the trendline and the support.
Price action broke out of the contraction and is solidly above our 5/20 EMA combo and the middle of the 30 Donchain Channels. - This, in our system, means bullish momentum.
The 61.8% of the recent low to high should/could act as the support we need to push up, and the yellow zones show that this exact level has been a support & resistance in recent price action.
The Risk/Reward ratio is decent and worth a try. But keep in mind we have two seperate take profit levels. Also note that our mission is to make profits, not be "correct" in our analysis, we might close early if we see reasons to do so.
Anyway, wishing you a happy trading day!
We recently had a breakout of the trendline which was heading right for a support, thus creating a contraction of price between the trendline and the support.
Price action broke out of the contraction and is solidly above our 5/20 EMA combo and the middle of the 30 Donchain Channels. - This, in our system, means bullish momentum.
The 61.8% of the recent low to high should/could act as the support we need to push up, and the yellow zones show that this exact level has been a support & resistance in recent price action.
The Risk/Reward ratio is decent and worth a try. But keep in mind we have two seperate take profit levels. Also note that our mission is to make profits, not be "correct" in our analysis, we might close early if we see reasons to do so.
Anyway, wishing you a happy trading day!
Comment:
Pirce action is currently using the broken resistance as support.. lets hope it holds! We went long again at the current level (125.280)
Trade closed: target reached:
We closed out at TP1.
Trade closed: target reached:
BOTH TAKE PROFITS REACHED