Hi all ,
I will be looking at going long when price touched point D . As you can see i have draw my trendline with anticipation that price will touch and hold around that support before placing my long for a target of 126 region .
H4 will give me the confirmation and candlestick pattern before i trigger my positions .
The bigger picture , there's a H&S...
Sell Limit EURJPY @ 131.260
SL @ 131.560 (30 Pips)
TP @ 130.360 (90 Pips) (3R)
TP 2 @ 129.900 (136 Pips) (4.53 R)
H4 Head and Shoulders Pattern, entry based off 50% retracement, stop loss above right shoulder, take profit are previous highs and a proper measured move of Head and Shoulders pattern that aligns with structure.
Here I have spotted 5 doji candlesticks in a row which may result in a strong bearish or bullish move. I have seen a strong bullish candlestick so I will wait for further confirmation (current hour candlestick) to enter a long position possibly. I don't believe a strong retracement will take place due to the indecision prior.
Potential short on the EUR JPY chart. Serious down trend which increased in steepness. The price has broken through the 2017 low at 120.50 and is heading to a previous low of around 118.7
We have had a retirement around fib 0.618 up to 0.786 and a recent retracement at 0.236. Looking for the downtrend to continue to 118.69