timmynorin

EURJPY Short term SHORT position

FX:EURJPY   Euro / Japanese Yen
I'm basing this idea on two main keys

- Bat pattern
- Broken bullish trendline (lower pennant line)

.. And the bearish rotation supports the idea together with previous structure zones which should act as resistance. Lets not forget overbought conditions!

Second scenario, and one that would stop me out, is the retrace into pennant before continuing its decent.

Lets hope we get filled!
Trade active: Target adjusted for 38.2% fib of entire leg.
Trade closed: stop reached: Not this time. On to the next opportunity!

Comments

I liked the idea so I put a trade in. However SL was triggered with that spike. I had the SL too tight. :)
Reply
timmynorin Ma_se_pip
@Ma_se_pip, Damn, too bad! Would be great risk/reward with that kind of SL, but unfortunately the win chance goes down with it.. :)
Reply
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