MARKET PHASE
EURJPY
is in a long term downtrend (daily) with a short term corrective structure that has been taking place (4 hour).
AREA OF VALUE
Price continued to break new highs within this corrective structure. Eventually, price reached an area where sellers stepped in, resulting in a buildup of liquidity (buy stops, longs, short stop losses) above the corrective structure swing highs. Price violently moved up to trigger the buy stops (liquidity) to pair against the sell orders needed to take price down. Price has started it's initial move down but due to the velocity of the downward move, it's gapped some orders around 162.374. Price is likely to retrace to this level before continuing downwards.
TRADE
I will be entering short on
EURJPY
with the following parameters:
Sell Limit: 162.374
Stop Loss: 162.589
Take Profit: 161.943
EURJPY
is in a long term downtrend (daily) with a short term corrective structure that has been taking place (4 hour). AREA OF VALUE
Price continued to break new highs within this corrective structure. Eventually, price reached an area where sellers stepped in, resulting in a buildup of liquidity (buy stops, longs, short stop losses) above the corrective structure swing highs. Price violently moved up to trigger the buy stops (liquidity) to pair against the sell orders needed to take price down. Price has started it's initial move down but due to the velocity of the downward move, it's gapped some orders around 162.374. Price is likely to retrace to this level before continuing downwards.
TRADE
I will be entering short on
EURJPY
with the following parameters: Sell Limit: 162.374
Stop Loss: 162.589
Take Profit: 161.943
Trade closed: stop reached