Bullish OB was formed on the EURJPY chart and price has come down to test it, where do you think it will go?
Comment Ideas and/or any reasons why you would or wouldn't take this trade!
Going long on EURJPY .
Setup:
Buy Limit @ 138.529
S/L: 137.871
T/P: 143.858
Why?
- Current overall momentum is bullish
- Retraced back up past 0.79 & 0.759( OTEs ) on Fib filling market imbalance left from previous sell
- Market imbalance left behind from previous buys (FVGs)
- We are already seeing some rejection from Bullish OB
- D1 Structure tends to be more reliable than lower timeframes
Why not?
- EURJPY has the potential to break Bullish OB and create a new low
- EURJPY created new swing low on lower TF.
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Remember, only risk up to 5% of your account across all open positions.
This material is for educational purposes ONLY.
Trade smart.
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Glossary:
OTE = Optimal Trade Entry (Most opportune place to enter a trade)
OB = Order Block (Where price is likely to make a reversal)
FVG = Fair Value Gap (Gaps left when only sellers/buyers were moving price down/up)
Comment Ideas and/or any reasons why you would or wouldn't take this trade!
Going long on EURJPY .
Setup:
Buy Limit @ 138.529
S/L: 137.871
T/P: 143.858
Why?
- Current overall momentum is bullish
- Retraced back up past 0.79 & 0.759( OTEs ) on Fib filling market imbalance left from previous sell
- Market imbalance left behind from previous buys (FVGs)
- We are already seeing some rejection from Bullish OB
- D1 Structure tends to be more reliable than lower timeframes
Why not?
- EURJPY has the potential to break Bullish OB and create a new low
- EURJPY created new swing low on lower TF.
--------------------------------------------------------------------------------------
Remember, only risk up to 5% of your account across all open positions.
This material is for educational purposes ONLY.
Trade smart.
--------------------------------------------------------------------------------------
Glossary:
OTE = Optimal Trade Entry (Most opportune place to enter a trade)
OB = Order Block (Where price is likely to make a reversal)
FVG = Fair Value Gap (Gaps left when only sellers/buyers were moving price down/up)
Comment:
Following FOMC we saw EURJPY push even higher. USD-related pairs tend to draw back slowly after FOMC from the direction they were sent in but seeing as though neither EUR or JPY is DIRECTLY involved with USD I'm going to hold.
Trade closed: stop reached:
Price dropped, Order Block falsified