EURGPY Short Set up - High Probability, Great Risk Reward

Trend is down, and price has tested this resistance area five times, and did not make a new high as indicated by our Zig Zag . Evening star is forming on daily chart , and we have a tag of the upper Bollinger Band . Checking 4h chart shows several bearish candle reversals - most recently Falling Three Crows, and likewise tag of the upper band. Stochastic has started down. You can enter now ( more aggressive) based on the Three Crows pattern on the 4h chart, or wait until the close of today's bearish candle to confirm. ( conservative )

Normally, I wait for the daily candle to complete before entering, but in this case I am already in for the following reason:

Note the the five red circles on the CRSI chart. Larry Connors suggest a reversal signal anytime the signal exceeds 90 or drops below 10. As you can see, theses have confluence with both candle reversal patterns and the Stochastic . In all but one case the signal also formed at swing high as indicated by our Zig Zag pattern. So this a very strong final confirmation that we can show this pair.

This is a very good set up with a risk of 80 pips and a reward of 300 pips give or take a few depending on your entry. Still about 1:3 risk reward. Also, there is positive roll swap on they pair short so holding over the week end we should be okay.

Comment: "....that we can short this pair..."

Comment: Also forgot to mention bearish divergence on 4h chart.

Comment: Can move stop to breakeven and take profit on 1/2 position and trail the other 1/2 one ATR - about 80 pips. Or can let it ride down for another 230 pips or so.

Comment: Compare to USDJPY idea just posted