Hey traders,
here on EURJPY we have a good trend opportunity. JPY piars are all trending very heavy lately and continue to make higher highs. Being that, i want to hop on trend everytime price gives me a chance.
In this chart we have two AB=CD patterns, three good fibonacci levels all lining up at previous support.
Sounds like a good opportunity to go long to me. But i want to enter in a good position so that i can have better risk to reward ratio. I've outlined a box where i'm looking for long opportunities like engulfing candles and double bottoms.
Stop would go under previous structure, target1 would be at 2:1 RR, target2 along with structure.
I'll let you know if i manage to get involved.
If you have comment or questions, fill the comment section below.
Otherwise, see you in the next chart!
here on EURJPY we have a good trend opportunity. JPY piars are all trending very heavy lately and continue to make higher highs. Being that, i want to hop on trend everytime price gives me a chance.
In this chart we have two AB=CD patterns, three good fibonacci levels all lining up at previous support.
Sounds like a good opportunity to go long to me. But i want to enter in a good position so that i can have better risk to reward ratio. I've outlined a box where i'm looking for long opportunities like engulfing candles and double bottoms.
Stop would go under previous structure, target1 would be at 2:1 RR, target2 along with structure.
I'll let you know if i manage to get involved.
If you have comment or questions, fill the comment section below.
Otherwise, see you in the next chart!
Comment:
Price now is sitting on the blue box. I'm waiting for a reason to go long.
Comment:
Price created a nice shooting star candle (with a long wick lower). If the next candle will close above 122,304 that would be a buy signal for my rules. Stops 1 ATR below the low, first target at 1:1 RR, second with structure.
Order cancelled:
Support broken. No more interested in long opportunities. I'm happy to have waited for a buy signal insted of putting a limit order. First rule of trading: CUT YOUR LOSSES!