I'm noticing the EURJPY is running into the overall daily downtrend right now and could be ready for a short if conditions are right.
I'm being relatively cautious about this one because it it could turn on me and push up to daily resistance around 121.4. Additionally, although this is a short, I'll only be looking to take profits down to the 61.8 fib mark, incase it's merely a retrace before heading higher.
Engagement:
I'm waiting for 2 things here:
1 - Break in recent Trend Line
2 - Break and close below support at 119.383
TRADE SPECIFICS:
ENTRY - 119.383
TAKE PROFIT 1 - 117.625
TAKE PROFIT 2 - 116.673
TAKE PROFIT 3 - 115.489
STOP LOSS - 120.371 (Need it a little high to clear some wicks)
RISK : REWARD - 2.68
If you like my ideas, please LIKE and FOLLOW me! :-)
Reminder - this is not financial advice, simply an idea. Please do your own research before entering any trades and ensure you use risk management such as stop losses.
Remember, there is only 5 outcomes when you enter a trade:
1. Break Even
2. Small Win
3. Small Loss
4. Big Win
5. Big Loss
Eliminate #5 from your future options.
Happy Hunting!
I'm being relatively cautious about this one because it it could turn on me and push up to daily resistance around 121.4. Additionally, although this is a short, I'll only be looking to take profits down to the 61.8 fib mark, incase it's merely a retrace before heading higher.
Engagement:
I'm waiting for 2 things here:
1 - Break in recent Trend Line
2 - Break and close below support at 119.383
TRADE SPECIFICS:
ENTRY - 119.383
TAKE PROFIT 1 - 117.625
TAKE PROFIT 2 - 116.673
TAKE PROFIT 3 - 115.489
STOP LOSS - 120.371 (Need it a little high to clear some wicks)
RISK : REWARD - 2.68
If you like my ideas, please LIKE and FOLLOW me! :-)
Reminder - this is not financial advice, simply an idea. Please do your own research before entering any trades and ensure you use risk management such as stop losses.
Remember, there is only 5 outcomes when you enter a trade:
1. Break Even
2. Small Win
3. Small Loss
4. Big Win
5. Big Loss
Eliminate #5 from your future options.
Happy Hunting!
Comment:
Creeping across the trend line and starting to hit my alerts. Not yet, but soon...
Comment:
This 4HR close could determine new Lower High structure potentially... a good starting signal.
Comment:
Broke uptrend and retesting. Waiting for further confirmation before entry.
Order cancelled:
did not get our entry on this one. This is why it's always important to wait for confirmation!