Fellow Traders! I have spotted a potential trading opportunity, EUR/JPY (SHORT)
ANALYSIS:
The weekly timeframe is currently on a Downtrend
Resistance at a key trend level
Rejection At Fib Level 78.60
ANALYSIS:
The weekly timeframe is currently on a Downtrend
Resistance at a key trend level
Rejection At Fib Level 78.60
Trade closed: stop reached:
As you can see, I was stopped out. This trade still had a lot of bullish pressure and I should have waited for further confirmation. However, from my analysis, I had noticed that buyer pressure started to gradually slow down as we approached a key resistance level and this being the reason I anticipated a potential reversal of direction in the market.