SantanderCapital
Short

EUR/JPY Rising Wedge

FX:EURJPY   Euro Fx/Japanese Yen
261 2 10
9 months ago
Chart: Daily Time frame
Market: Bearish Trend

Bearish Indicators
1. Double top found at key 128.000 resistance level
2. Bearish Engulfing Candle (1st of April)
3. Price rejects 128.000
4. Rising wedge chart pattern
5. Double top & bearish engulfing pattern are all found just below the daily/weekly trendline resistance level

Risk Management
Risk/Reward Trade 1 - 1:1.70
Risk/Reward Trade 2 - 1:2.96
Stop Zone (trade 1 & 2) - 128.380 (just above 31st of march high)
Target 1 - 125.500
Target 2 - 124.100

Note: Price could pull back 127.600 before continuing lower, trade with caution.

Agree/Disagree? Comment Below!
9 months ago
Comment: Trade 1, Target 1 reached.
9 months ago
Comment: Trade 2, Move stop to break even.
9 months ago
Comment: Trade 2, Stop Moved to 126.750
9 months ago
Comment: Trade 2, Stop Moved to 125.780
9 months ago
Comment: Trade 2: Further downside expected over the next week, T/P moved to next level 123.400
9 months ago
Comment: Trade 2: Target Reached. Trade closed.
waterman
9 months ago
Very good setup.Thank you dude ! I am also waiting for a short but only if price retraces and touch TL
Reply
SantanderCapital waterman
9 months ago
Glad you like it. Anytime. ;)
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