1] Price has broken the ascending wedge
2] I will be waiting for a retest and further price action before getting into a sell position
3] Expecting price to touch the horizontal resistance or the channel and then movement to the downside
I havent put a TP and SL as I would like to see more price action before deciding what i think would be the best decision.
EURJPY - Intraday - We look to Sell at 122.71 (stop at 123.06)
Due to an Ending Wedge formation, we continue to treat extended gains with caution. Bespoke resistance is located at 122.71. The rally has posted an exhaustion count on the intraday chart. There is scope for mild buying at the open but gains should be limited. Further downside is expected and we...
Large rising wedge being formed. looking to enter on the pullback up to the current resistance which correlates to our 50day MA. Therefore if we see a rejection then we will enter shorts, expecting price to break from the larger structure as well.
We have a nice setup on EURJPY. Price pushed up to a major level and created a nice bearish engulifing candle and a double top which suggest a trend reversal. I have gone short on this and marked tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
Starting with the monthly chart, we can see we have just broken the support of a symmetrical triangle pattern.
Moving onto the weekly chart, we can see we have just been rejected by the retest of the support turned resistance of the previously mentioned symmetrical triangle.
We can also see we have formed a bear flag...
Beta Project-R:Journal. Risk Management: Compound .Level : PA . Time: INTERMEDIATE . This is just my view follow if it aligns with yours. Ideas are not repeated rather updated.Projections may be subject to failure.
--I might surprise you?---- silence.