Zeheart
Short

Potential Short - Price reject the top of Pitchfork line

FX:EURJPY   Euro Fx/Japanese Yen
168 3 1
Previously, price have been moving along the med line of the pitchfork and able to push back up to the upper line of pitchfork .

For the past few candles, situation seems like price not able to push further up from the upper line, therefore chances of short towards the med line again is possible. Looking at the overall pic we see a huge descending triangle is happening... =)
snapshot


I have did some amendment to the teal pitchfork.. it seems like current price is reaching the Median Line of the fork.. so it is not advisable to take any trade untill there is a more clearer direction from the candlestick formation. But in overall I am still biased towards down move as in you should be able to see a pretty huge descending triangle from the chart itself...

Happy Trading....
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Zeheart Zeheart
snapshot


I have placed and entered a short trade according to the bearish pin bar as highlighted in the white box. the bar close below the med line of teal AP and seems to show rejection to go up... Will wait and see how it goes...
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Zeheart Zeheart
snapshot


Updates: Base on 1H, A smaller AP is drawn, and the price seems to moving away from the AP (It may signalling up move. But its still too early to make such decision.. Currently those candles are forming a rectangular box, will need to see where it breaks.. Will update again in few hours later...
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