SHORT EURJPY DAILY CHART - What I Am Looking To Trade - Part 4
Take Profit hit today for a nice 3:1 Reward to Risk ratio trade.
Two things about todays candle:
1. Latest 4HR candle is a tall candle. Tall candles are usually retraced by as much at 50% on average.
2. Price action is now far removed from the 20EMA. Normally when price moves too far from mean value (20EMA) price will retrace back to mean value.
For these reasons I am now looking for a pullback on the 4HR TF for new high quality Short trade setups.
Note: I see Major Support at 114.0000 so there should be several more short trade setups in the days and weeks ahead
"Have a trading question or a chart you would like for me to analyze Chat with me at "Forex Chat" chat room (not the "Forex" chat room)."
Two things about todays candle:
1. Latest 4HR candle is a tall candle. Tall candles are usually retraced by as much at 50% on average.
2. Price action is now far removed from the 20EMA. Normally when price moves too far from mean value (20EMA) price will retrace back to mean value.
For these reasons I am now looking for a pullback on the 4HR TF for new high quality Short trade setups.
Note: I see Major Support at 114.0000 so there should be several more short trade setups in the days and weeks ahead
"Have a trading question or a chart you would like for me to analyze Chat with me at "Forex Chat" chat room (not the "Forex" chat room)."