EURJPY Short Opportunity
Confluences:
1) Price has been rejected many times from the top half of a 3-month range
2) In the Weekly timeframe and 1H; 9 EMA is crossing the 21 SMA to the downside
3) Big bearish engulfing candle closed last week
4) In the Daily chart; price broke the 100SMA last friday
5) Price broke the bottom support of the said range
and has...
So in my analysis I’m going for the head and shoulders but if it goes through my point of consolidation then we could definitely go in for a double top!
I see a long term H&S formation (currently on the right shoulder phase), I see a shoulder top being formed at 124.425 (Fib retest). Before we make the leg down into 122.400.
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...
Price broke through support on the 30m timeframe, as we retested the broken support we took a sell entry, price hit our target and we moved our stops to BE and let a runner run, the runner ran for 30 pips before we closed our trade as support formed on the 30m timeframe.
Price broke support and made a low but resistance was not formed to take an entry, as resistance formed later on I executed a sell as the 15m candle broke the low of the previous bearish 15m, with our SL very tight above the previous candle. As candle tapped the wick of the low, entries were secured at 18 pips, before price came back to entry, so a small 18 pip...
EJ approaching some resistance , we should see a fall and retest of the downside , perfect ratio set up on this pair 1:4 upwards. Key support level also marked out on the chart we will see how it reacts to these levels
MONTHLY TIMEFRAME
Price is currently trending down and now we can see some consolidation from last month and this one too.
A test of the 0.382 level on this fib has been achieved. The downward trend to continue
WEEKLY TIMEFRAME
An M-formation pattern is to complete here and more confluence to go for downward movement.
DAILY TIMEFRAME
Price has touched and is...
Potential Double top forming reversal pattern will be interesting to see how it plays out , also EJ seems to be very overbought. Hopefully we see some bears in the market .
Looking to SELL EURJPY in SELL AREA and to close position in TP AREAS (+30 PIPS)
Entry Criteria:
- Execute on price action, reversal candle/ signs of exhaustion
- Apply risk management according to your trading style
Trade Safe
I see a potential Head and shoulders formation, before we go with the overall bias of bullish movement. 120.300 has been a key level of market orders (Multiple taps into this level) which we may need to tap into before flying up.
so my thoughts on EURJPY it retraced its way back to the resistance level, and looking back it has touched that level like four times, seems like a pretty strong level to break.
uhm the way it has retraced to the resistance level i'll be expecting a really strong movement on the down side, trust your insticts right?
Have a profitable Tuesday.
drop your thoughts...
we should expect the pair to be on a bullish trend but we should expect a little noise on the 50% level, and a little retracement before it continues to the upside.
Those are my thoughts, please leave your thoughts down at the comment section.
Y'all have a profitable week
