eurjpy has broken HL and retested the HL which became a LL.
Either eurjpy can support retest and I can look for a break and retest on a lower tf to go long or I can wait till structure breaks and retests on 4hr/1hr.
EJ is currently in its 5th impulse wave thus providing us with an ascending channel.
Best buys would be off the third touch of the channel trendline but if not, then a 4hr close above the 23.% fib area provides good bullish bias working through the extensions.
Again, we need to see a break of structure to go bearish!
I had already highlighted that for buys to be valid, price needed to break resistance and form a support.
Price did exactly this and as support was formed, I looked for confirmations to enter buys. When the bullish 15m candle broke the high of the previous 15m candle which was our formation of support, I entered the trade.
My stops were below the current 30m...
We are currently trading in a 30 pip range.
1) If we close above 123.475, look for support to form on lower timeframes before executing buys to fill the range up to 123.800, I have highlighted a potential barrier.
2) If we close below 123.175, we can look to target the next support down at 122.950, and if Asian volume pushed price down maybe even target 122.550....
We are currently trading in a 15 pip range. If we break resistance, and form support on lower timeframes, buys could be valid up to the next form of resistance as there is a 15 pip range to target, however I have highlighted a zone we need to watch with caution as it is a previous rejection area. This is why I would prefer sells, we have a much cleaner 18 pip...
This analysis played out perfectly, Price broke resistance and created a support on the 15m timeframe, when the 15m candle broke the high of the previous candle after creating support, we executed buys with our stops below the current 15m candle and out 3 take profit points highlighted on the chart from before, all three TPs were smashed and price ended up...
nice uptrend on EJ looks too good to miss out on. i want price to come back and test the trend line and support again so our entry is good, this also correlates with the 0.5 fibonacci level. all of these confluences together if we see nice rejections should give us a nice edge over the market. this mixed with good risk management and your most of the way there to...
eurjpy has broken and retested the ltf grey zone and created a bullish engulfing which shows me buyers are in power. Waiting on the indecisive candles to either cause another breakout to the upside or to retest grey zone.
main bias for eurjpy is still short due to daily supply/4hr zone (green)
EURJPY is now consolidating inside of daily supply (green) and stophunt zone (red). Price crated minor zones (grey) within the supply and I am waiting for a bounce off each zone until it breaks above and retests highest minor zone (grey).