EURJPY
Price has been moving up for a long, long time now. Creating a really nice weekly uptrend (the blue dashed lines).
We have several respects on the top line, but more importantly, we have 3 respects on the bottom trendline. This makes for a really strong trendline. There's also lower trend "zone" where price only goes to hit bottom line, but wants to reject heavily out. More recently price decided it was to soon to break trough the pink S&R zone, rejecting to the bottom of it. We got 2 more respects inside (not over) the zone, making its way back to the strong trendline.
The stronger trendline is where we make our decisions. First of all we have a strong base (the blue s&r zone) where our price decided to pierce trough and use as support a few weeks ago. More recently price hit our line simultaneously with hitting a Daily S&R line (the purple circle). This is a big plus for a move upwards. Since we have a lot of firepower here, an initial tap of the upper line of our S&R zone should be well within our range. The pink trendline, 'pushing down', will make a nice intra-trade confirmation line if and when our trade might be hitting our first target. The two black tops are also key in this trade, these suggest that price is moving up (if not now, later). Because the tops are floating above a really strong S&R zone. As a plus, the 2nd top candles we're already challenging the pink trendline with close just below it, and tops well above it.
The trade
There's a great chance price will move towards the 143.78x S&R line, and a really good chance price will pierce trough and go towards 147.37x or above. I have already entered, on 9/04 with the confirmation candle after the purple circle hit. You can still enter today or maybe tomorrow because the Risk/Reward is very good again.
You could also wait after price confimed in or over the S&R zone, but this is more risky offcourse.
N.B.
If price decides to radically turn around, we might have a really good situation for looking for a short move (at least for a while), probably before going up again.
Price has been moving up for a long, long time now. Creating a really nice weekly uptrend (the blue dashed lines).
We have several respects on the top line, but more importantly, we have 3 respects on the bottom trendline. This makes for a really strong trendline. There's also lower trend "zone" where price only goes to hit bottom line, but wants to reject heavily out. More recently price decided it was to soon to break trough the pink S&R zone, rejecting to the bottom of it. We got 2 more respects inside (not over) the zone, making its way back to the strong trendline.
The stronger trendline is where we make our decisions. First of all we have a strong base (the blue s&r zone) where our price decided to pierce trough and use as support a few weeks ago. More recently price hit our line simultaneously with hitting a Daily S&R line (the purple circle). This is a big plus for a move upwards. Since we have a lot of firepower here, an initial tap of the upper line of our S&R zone should be well within our range. The pink trendline, 'pushing down', will make a nice intra-trade confirmation line if and when our trade might be hitting our first target. The two black tops are also key in this trade, these suggest that price is moving up (if not now, later). Because the tops are floating above a really strong S&R zone. As a plus, the 2nd top candles we're already challenging the pink trendline with close just below it, and tops well above it.
The trade
There's a great chance price will move towards the 143.78x S&R line, and a really good chance price will pierce trough and go towards 147.37x or above. I have already entered, on 9/04 with the confirmation candle after the purple circle hit. You can still enter today or maybe tomorrow because the Risk/Reward is very good again.
You could also wait after price confimed in or over the S&R zone, but this is more risky offcourse.
N.B.
If price decides to radically turn around, we might have a really good situation for looking for a short move (at least for a while), probably before going up again.