i did go long on this pair today or yesterday maybe and i still am
but at a closer look and with the jpy index looking bullish AF
it could turn around highlighted area ill be taking profits off my longs here anyway
SELL EXECUTION of EURJPY in SELL AREA 1 / SELL AREA 2, Looking to close position in TARGET AREAS (+30 PIPS)
- TARGET AREA 1 - 30 PIPS
- TARGET AREA 2 - 50 PIPS
- TARGET AREA 3 (LONGTERM) - 140 PIPS (Price Area 125)
Trade at your risk!!!
Doesn't get much easier.
Double top. Look at the daily chart, huge bearish rejection of this level. 4hr showing these twin tops, multiple confirmations.
Again, usual scenario of break the neckline and follow the usual corrective move to the 61.8% where we should bounce off again for the third touch. Careful if you take the sells, it's counter trend.
Set up from last week still valid and great example on how to add positions to a good trade.
Every green area is where you could add positions through technical confirmations.
Predicted last week, evidence attached.
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!
The first time price broke below support which was required for sells, resistance was formed but we never got the final confirmation required to execute on sells. Price then broke back into the range before we took an entry.
As we had already formed resistance, I was happy to go down to the 5m timeframe to confirm sells. The next 5m candle broke back below...
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....