EURJPY has been giving me many nice opportunities as far as this week is concerned and this makes the process of printing profits a lot more easier that's why I just stick to it, who doesn't like pretty easy money stuffs so all I have to do is to discipline myself with the appropriate risk parameters in order not to over trade. So as for today been the last...
Reason for Idea, Double top at key level(COMBO) + Overall transformation we can as well add Previous trade setup
The main trend is still on downward, USD is still strong, so like you already know, am always a fan of like simple set-ups, so am patiently waiting for price to react at those level above to form a double top and price continuation towards the downside. Who sees a double top downtrend and ignores.. #throwbackThursday
It's about time we go back to the main trend which is sell
Expecting a buy maybe it might not be a rally, just spotting a double bottom, secondary based on textbook setups about Wednesday reversals....
CAD is actually strong at the moment so currently am actually allowing the hypothesis of "if statement" play its game out here. Currently we actually see JPY strong in the opening hours if this week, the next question is how long will the strength hold? which are amongst reason for the birth of this Idea. Yeah, am actually reasoning this in simple terms implicitly...
Expecting more moves to the downside as a result of the continuation of the prevailing trend, so am expecting more of AUD strength today not really across board but speaking about EUR implicitly.
To whom it may concern, if you're not a fan of getting the juicy of the fruit "as e dey hot" a ASAP slogan used by my country men just forget about this trade but 50+ pips isn't that bad for a scalp so the trade plan is simple, enter the trade ASAP set the allocated risk parameters according to your risk appetite. One major reason is because of the 4hr resistance...
It's no news that the AUD is currently weak this week, so capitalizing on that JPY hasn't taken its turn on the supposed weakness, so hence this idea. #Keeping.It.Sweet.Simple
Looking for an opportunity to catch the prevailing trend(Down) meanwhile its been a bit of retracement which is what's expected of the market to do, So currently am patiently waiting for the price to print the selling characteristics needed as its not making sense to make move while the market hasn't made the move as there's also another area to cover above.
From A monthly view is a mountainous free fall, after price fails to break a 2018 highs price of 1.60 levels, currently we're facing price trading around the wick support zones, Scaling down to weekly, we can see price battling around that wick support zone on the monthly, Now going down to daily, we see how price successfully broke the daily previous support...
GBPJPY seems to be weak due to the overall weakness of GBP as of the time of writing, However till short term bearish run is over approaching a structure below, the fib(0.5) level and an uptrend trendline, am expecting a deep reversal to the upside for more opportunities to the downside.
Just following the underlying trend for a sell as I await the breakage off the upward trend line
Trend line+ FIb levels Thats enough reason for me to continue with the underlying trend
Price might continue to push bearish following the overall trend as a result of the EUR strength and CAD strength.
CAD seems strong at the moment, and so far as the momentum keeps pushing bearish its not wise to catch a falling knife nor join the train as the train might already be at its final destination for a rebound, so it will be more probable to follow the underlying trend, Hence this set-up
AUDJPY came to my watchlist when the asymmetrical triangle got broken unapologetically to the upside. So we have a probable target to the june highs, it might be a long run #my.Idea