PriceActionTrading
Long

EURJPY COUNTERTREND TRADE. HUGE RISK REWARD.

FX:EURJPY   Euro Fx/Japanese Yen
457 14 8
THIS IS A BUYING OUTLOOK,
HOWEVER OPPORTUNITY TO BUY HAS NOT PRESENTED ITSELF YET.
PRICE HAS BEEN ON THE DECLINE FOR 8 DAYS STRAIGHT WITHOUT TAKING ANY BREAK.
PRICE HAS RECENTLY CLOSED BELOW 127.00 ON THE D1.
I AM LOOKING FOR A D1 PIN BAR FAKEY OR EVEN A H4 PIN BAR FAKEY CUTTING 126.00 - 126.5 REGION. PRICE MUST NEVER CLOSE BELOW 126.00 FOR 2 H4 BARS CONSECUTIVELY FOR THIS TRADE TO BE VALID.
IF D1 CLOSES BELOW 126.00. IT MUST CLOSE ABOVE IT THE VERY NEXT DAY.
ELSE, THIS TRADE IS CANCELLED

IN FACT IM NOT EVEN SURE I WILL BE ABLE TO ENTER THIS TRADE. BUT I AM LOOKING AT 126.00 - 126.50.

REASON I WOULD TAKE THIS TRADE IS AS FOLLOW
RSI DIVERGENCE ON THE H4 AND D1
FOREX NEVER GOES IN "ONE DIRECTION" FOR TOO MANY DAYS, 8 CONSECUTIVE DAYS IS TOO MANY.
126.00 IS A LONG TERM SUPPORT, IN FACT ITS SO LONG YOU HAVE TO CHANGE TO THE M1             TIMEFRAME TO SEE WHAT IM TALKING ABOUT.
THE HIGHER TIME FRAME THE MORE IMPORTANCE IT HOLDS
LASTLY, I BELIEVE H4 IS REACHING THE END OF SOME GARTLEY/BAT PATTERN (NEED HELP FROM CHARTIST AS I AM NOT FAMILIAR WITH THESE PATTERNS)

snapshot

SO. KEEP A LOOKOUT AT THIS HUGE POTENTIAL TRADE.

SUBSCRIBE LIKE COMMENT MY IDEAS IF YOU AGREE OR DISAGREE.
HAPPY PIPPING.
moneymaking
2 years ago
Hey priceaction, I checked for any patterns on 4 hr and to my knowledge I didn't find any. Some of the criteria were violated, therefore making the pattern invalid. I really like your way of analysis. It's simple and straight forward :)
Reply
PriceActionTrading moneymaking
2 years ago
Thanks. right there is no visible pattern on H4 and D1 yet. wanted to post this idea first just in case i have no time to post it later once the long awaited pattern surfaces.
+1 Reply
PriceActionTrading PriceActionTrading
2 years ago
Is it happening?
snapshot
Reply
snapshot


Fade the rally is a better idea I think...this is a freight train (possibly a wave 3 of a large degree in EW terms).
Reply
PriceActionTrading IvanLabrie
2 years ago
Freight train it definitely is. Just thought that buying at major support 126.00 with slight RSI divergence H4 D1 will provide some good risk reward short term. Definitely looking to sell again once enough strength is gained on this pair.

Thanks.
+1 Reply
IvanLabrie PRO PriceActionTrading
2 years ago
Watch gbpjpy, posted an update...no major retrace in sight:

snapshot
Reply
PriceActionTrading IvanLabrie
2 years ago
Yea exactly no retrace in sight. To think i have posted an idea GBPJPY sell on retrace...
No retrace in sight... another 24 - 48 hours before my GBPJPY idea becomes non-tradable...
This EURJPY with RSI divergence could be a good one.
I like RSI divergences. prove to be quite tide turning short to medium term H4 D1. My personal opinion.
+1 Reply
IvanLabrie PRO PriceActionTrading
2 years ago
We can spot a retracement using 4h and daily here, but it's a weekly scale short, and a wave 3 at it...it's expected to be intense. I'll work with you on that, I want to scale in on these jpy shorts.
Saw my Nikkei projection? Seems like the top is in.
Reply
PriceActionTrading IvanLabrie
2 years ago
Looks like the opportunity has passed. Probably should be bought it when I was looking at it at 126.08 just now.
will consider getting in if price manages to spike to 126.3 next H4 bar.

At least our USDCAD is doing right now. broke the low of the gravestone. looking great.
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
Some great contrarian trades setting up.
Reply
PriceActionTrading IvanLabrie
2 years ago
Some 120 pips not gained..
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
Haha, always fun to be right, eh?
I consider it vital to make an in depth analysis of multiple pairs to asess relative strength and find the best opportunities.
It's never a waste of time.
Reply
PriceActionTrading IvanLabrie
2 years ago
You are right. Mutiple pairs analysis is a core for me.
I only enter a AUDUSD short if i am already sure that EURGBPNZD/USD are already/or going to tumble.
It is a basis for entering trade and i have explained this in some of my ideas. Where i enter a trade because of "correlation" reason.
Like for example this trade, i have reason to believe that EURUSD EURGBP are on a short term upward momentum and i find EURJPY to provide the best signal thus i published EURJPY idea.
+1 Reply
IvanLabrie PRO PriceActionTrading
2 years ago
Indeed, it's the most straight moving euro pair, which is actually trending, unlike eurusd which is trapped in a complex correction for now, or eurgbp which is about to bottom or already bottoming.
Let's try to spot where it'll turn now then...I want to fade the retracement, so going long when it starts and taking profits where I sell will allow my short to be risk free.
Posted an updated eurjpy chart btw...check it out if you can.
I'll leave you with this ratio too:
snapshot
+1 Reply
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