SergeantPringles
Long

EURJPY - 2H - Cypher into possible reversal

FX:EURJPY   Euro Fx/Japanese Yen
154 5 4
EURJPY             is currently very extended on the 2H as well as overall on the Daily. thats why i was looking for a bigger reversal soon. The break of the trendline last week didnt produce me any entries so i will be looking to buy this cypher plain with a very good RRR             if we can see the bigger anticipated retracement i am hoping for for EURJPY             .

orders in.
Trade active
Comment: currently looking for my first addon if we can break the consolidationflag to the upside

snapshot
Comment: broke to the downside, orders cancled, no addons for the moment
Trade closed: stop reached
Thank you for the idea.
Do you think the same will happens to GBPJPY ?
Reply
well for gbpjpy we dont really have an indication for a potential reversal just yet. ofc jpy pairs correlate so if one goes up the other might as well, but at least from a techincal standpoint i dont see any reversal signal just yet. we do have room for one more downwave(which we are currently forming) so who knows how long this might last. it can very well turn around right now, but mabye not. i only trade my signals so consolidations, patterns, and trendlines. if i cant find anything oft those that indicate a market reversal then i dont really think too much about what might happen or not. i also view all pairs serperatly, and as far as im concerned, gbpjpy in its current state is still trending down after the break of the upward trendline after the open yesterday
snapshot
+1 Reply
kallentto SergeantPringles
Thank you, I went sell on this after the break, cause I said maybe this is the 5th wave down.
Anyways, I hope it will be fine, February was a very bad month for me :'(
Reply
th i dont know when u sold and where your stops and targets are, i would say this is a solid tradeidea.
+1 Reply
SergeantPringles SergeantPringles
tho*
Reply
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