EURJPY
FUNDAMENTALS
The EUR has been supported following reports that a rate hike at the end of 2019 would be too late. Improving risk tone has seen the JPY pressured as of late, however with trade tariffs now in effect this trade is more of a 6/10 on the conviction scale as it will be heavily influenced by any trade war developments.
TECHNICALS
I had initially missed my first entry at 127.50 and 126.80. So I am looking to get into this long after I see some pullback occur.
This trade idea is based on the assumption that there will be a 3 wave pullback at 130.170 down to 128.65 and 128.20 where I will be looking to get in a long position assuming the fundamentals/sentiment are still in tact. I prefer the 128.20 entry as it is more conservative and allows for a bit more R:R.
If price exceeds 130.170 then I will adjust my fib accordingly and will update this post for a new entry/sl/tp.
So for now:
LONG
ENTRY: 128.65 128.20
STOP LOSS: 126.50
TAKE PROFIT 1: 132.50
TAKE PROFIT 2: 135
TAKE PROFIT 3: 136.10
Swing trade on H4 & DAILY charts.
SHORT TERM ON M15 TRADE
Assuming the pullback is going to start soon on the M15 chart we have a short trade setup with an extremely tight SL of about 17 pips
SHORT
ENTRY: 129.80
STOP LOSS: 130 OR 130.10 If you're willing to take on 10 pips more risk
TAKE PROFIT 1: 128.665
TAKE PROFIT 2: 128.2
FUNDAMENTALS
The EUR has been supported following reports that a rate hike at the end of 2019 would be too late. Improving risk tone has seen the JPY pressured as of late, however with trade tariffs now in effect this trade is more of a 6/10 on the conviction scale as it will be heavily influenced by any trade war developments.
TECHNICALS
I had initially missed my first entry at 127.50 and 126.80. So I am looking to get into this long after I see some pullback occur.
This trade idea is based on the assumption that there will be a 3 wave pullback at 130.170 down to 128.65 and 128.20 where I will be looking to get in a long position assuming the fundamentals/sentiment are still in tact. I prefer the 128.20 entry as it is more conservative and allows for a bit more R:R.
If price exceeds 130.170 then I will adjust my fib accordingly and will update this post for a new entry/sl/tp.
So for now:
LONG
ENTRY: 128.65 128.20
STOP LOSS: 126.50
TAKE PROFIT 1: 132.50
TAKE PROFIT 2: 135
TAKE PROFIT 3: 136.10
Swing trade on H4 & DAILY charts.
SHORT TERM ON M15 TRADE
Assuming the pullback is going to start soon on the M15 chart we have a short trade setup with an extremely tight SL of about 17 pips
SHORT
ENTRY: 129.80
STOP LOSS: 130 OR 130.10 If you're willing to take on 10 pips more risk
TAKE PROFIT 1: 128.665
TAKE PROFIT 2: 128.2