PAIR IN FOCUS: EURJPY
ACTION: LONG
Price has printed a Bullish Engulfing candle on the weekly charting, signalling a long trade trigger. For this trade, looking for a retrace for a better R:R, with 2 TP areas, TP 2 being a longer-term outlook if TP 1 hits successfully. TP 2 fits nicely into a Fibonacci retracement level of a larger bearish wave.
The Entry Zone, TP 1, TP 2 and Stop Loss have been indicated. Even though the SL is about 100 pips from the Entry Zone, this setup still provides a good R:R as TP 1 is at least 220 pips away.
ACTION: LONG
Price has printed a Bullish Engulfing candle on the weekly charting, signalling a long trade trigger. For this trade, looking for a retrace for a better R:R, with 2 TP areas, TP 2 being a longer-term outlook if TP 1 hits successfully. TP 2 fits nicely into a Fibonacci retracement level of a larger bearish wave.
The Entry Zone, TP 1, TP 2 and Stop Loss have been indicated. Even though the SL is about 100 pips from the Entry Zone, this setup still provides a good R:R as TP 1 is at least 220 pips away.
Comment:
Price barely touched my entry zone and reached the TP 1 price level. Looking for retracement before another push towards TP 2.
