This morning I was looking for a potential bearish 2618 trade on the EURJPY but a break & close above the double top invalidated that setup. Fortunately, price was able to run to our higher timeframe level of structure (1.27) & find some selling pressure.
What formed as we broke the aforementioned double top was a rising channel which is typically a sign of slowing momentum in the market & what I would anticipate afterward is a period of relief. A retest of the lower trendline of that formation would offer a selling opportunity & a chance to catch a potential extension downward.
I wish you guys the best during this trading week & always remember "Plan Your Trade, Trade Your Plan"
Your Trading Coach - Akil
What formed as we broke the aforementioned double top was a rising channel which is typically a sign of slowing momentum in the market & what I would anticipate afterward is a period of relief. A retest of the lower trendline of that formation would offer a selling opportunity & a chance to catch a potential extension downward.
I wish you guys the best during this trading week & always remember "Plan Your Trade, Trade Your Plan"
Your Trading Coach - Akil
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