FX:EURJPY   Euro / Japanese Yen
Hello Traders,

Here we have a potential short trade based on SIMPLE PRICE ACTION with great risk to reward. Based on 4 HR             , Daily, and Weekly, market has broken and closed below the previous structure support (HL), which is an early signal of trend change for this pair, at least for the short term. Currently market is coming close the 4 hour potential reversal zone (PRZ) from where we can expect market to reverse back to the downside and possibly break the newly formed LL @ 132.23. We are able hide our stop loss above the key psychological level of 136.00. We also getting a valid ABCD pattern completing right at our 1st target. See the chart above for more details.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
UPDATE #2: Stopped out on this trade. Looking towards better trading setups in the future :)
UPDATE #1: Trade is ACTIVE now !!
Hello, interesting, this is one of my prefered setups, i calle it convergence divergence. Sometimes coincides with the 2168 setup on H4 chart with SL againt last highs, the higher the prices retraces the better. My prefered retracement is 0.618. I will look for shorts on H4 charts. Regards.
+1 Reply
moneymaking FullTimeTrader
Hey mate, thank you. Yeah, I will also look for the 61.8 level to get better entry price. All the BEST :)
Looks great.
+1 Reply
moneymaking IvanLabrie
Hey Ivan, how you doing mate? Yeah thank you, I really like the risk to reward. All the BEST :)
IvanLabrie moneymaking
Check out AUDUSD 30m, upcoming RBA events today. Might give us some short term pips down.
+1 Reply
moneymaking IvanLabrie
Ohh yes, I sure will. Thank you for the reminder :)
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