The Market continues to be in a slightly "risk off" mode for a second day in a row. Risk currencies including the EUR continues to go lower in demand. In my last post, I said I would observe price action at the 200 ema level on the EURJPY hourly chart. At the end of yesterday and into today, we can see that the bears one the battle! My current position is now "SELL - rallies of the EURJPY. (however, that is pending price stays below the 200 ema on the hourly chart).
One of my classic trading strategies was also triggered as a result. It is the cross of the 13ema over the 200 ema on the hourly chart. My targeted levels to place offers are as follows: 123.50, 124.00 in the short term. Ideally, I would like to see price touch the 13 ema again, even better the 200 ema and meet strong resistance. The main indicator I am looking at for a short -term way to get in a downward move, is the Stochastic Oscillator. I am looking for an overbought signal on the 15 minute or 30 minute chart. Once price resumes its downward drive. I will confirm if its right to get in.
Safe Trading everyone!
One of my classic trading strategies was also triggered as a result. It is the cross of the 13ema over the 200 ema on the hourly chart. My targeted levels to place offers are as follows: 123.50, 124.00 in the short term. Ideally, I would like to see price touch the 13 ema again, even better the 200 ema and meet strong resistance. The main indicator I am looking at for a short -term way to get in a downward move, is the Stochastic Oscillator. I am looking for an overbought signal on the 15 minute or 30 minute chart. Once price resumes its downward drive. I will confirm if its right to get in.
Safe Trading everyone!
Comment:
Entering partial position around this price level (124.60). Stop Loss above 200ema for those that trade with them. A tight stop loss would be between 123.80 and 124...although that will most likely be taken out....First TP at recent swing low 122.50 ish. Next TP 122.00.
Comment:
* Sorry that is 123. 55-60 region