EURJPY: Go short based on Dow Theory
Summary:
a. Euppy is showing a clear bearish structure after 36 days of distribution phase
b. Currently Euppy is running in panic phase
c. Downside target at 122.30
d. Entry on turncoat area with price action confirmation
What's up traders?
Here I provide a EURJPY technical analysis based on my knowledge about Dow Theory.
Euppy already break its distribution phase and currently on a panic selling phase. This bearish structure commonly make a retest to the turncoat area (latest support area) before continue its downside movement. There's a turncoat area from the daily timeframe that hasn't retested around 122.30 area which I believe the despair phase would reach that level before the accumulation begins.
Disclaimer: All of the information that provided is based on sources that we believe to be reliable, but they have no guarantees. Therefore, every effort is made to ensure that the content is accurate and complete. I have a very strict money management calculation and usually I trade with (max.) 5% risk per pair to ensure sustainability and equity endurance to make money in the futures market for a long-term period. Any profits or losses that occurred based on this analysis is your own responsibilities as a trader or an investor.
a. Euppy is showing a clear bearish structure after 36 days of distribution phase
b. Currently Euppy is running in panic phase
c. Downside target at 122.30
d. Entry on turncoat area with price action confirmation
What's up traders?
Here I provide a EURJPY technical analysis based on my knowledge about Dow Theory.
Euppy already break its distribution phase and currently on a panic selling phase. This bearish structure commonly make a retest to the turncoat area (latest support area) before continue its downside movement. There's a turncoat area from the daily timeframe that hasn't retested around 122.30 area which I believe the despair phase would reach that level before the accumulation begins.
Disclaimer: All of the information that provided is based on sources that we believe to be reliable, but they have no guarantees. Therefore, every effort is made to ensure that the content is accurate and complete. I have a very strict money management calculation and usually I trade with (max.) 5% risk per pair to ensure sustainability and equity endurance to make money in the futures market for a long-term period. Any profits or losses that occurred based on this analysis is your own responsibilities as a trader or an investor.
Order cancelled:
The price drop as expected but doesn't meet my trading plan. Let's wait for another sell opportunity.