Technician
Short

EURJPY: Potential Bearish Attempt!

FX:EURJPY   Euro Fx/Japanese Yen
1884 29 20
Update: Trade is active
Update: more than 90% target was reached. Moved stop loss to entry
Update: Stopped out at breakeven.
Profit(pips)= zero.
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The EURJPY             is testing a potential resistance area .

- 50 days SMA ,
- previously broken horizontal support level
- Confluence of 50-percent retracement of the whole bearish wave, and 1.618 extension of the latest bearish wave.
-Potential rising wedge resistance
-Minor bearish divergence on RSI

So i am looking to short for one conservative target and one more aggressive. i will get out on a loss if price takes that resistance area

Lets see how this one goes mates, Trade Safe, and Best of Luck ,
Join me at https://twitter.com/thefxchannel
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My best regards,
Technician

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
1) If 90 percent of first target is reached I move stop loss to breakeven.
2) If 90 percent of first target is reached without triggering entry I cancel the trade.
3) Remember: Losing is a main part of the game

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I missed first target for 3 pips mates.. Good thing I followed the rules and moved stop loss to breakeven after reaching nearly 99 percent of first target.
Reply
bank of japon meeting made my position lost :D amazing 3k pip to the upside what a amazing.
Reply
Update: Stopped out at breakeven.
Profit(pips)= zero.
Reply
im stil in position 2 time tested resistance lvl 138.00 and fall down like 300-400 pip and rise again :D. i stil cant belive it how does take much long like that to fall down to 136.00. stil cant belive it. im so wondering about when bulls gona give up to buy this damn eur on 137.190. bulls fighting like spartan on this lvl for keep price on it.
Reply
Technician TOP samed.karsanbas
Yep, but take care of a break with closing above 138.00. That would be bullish IMO
Reply
tank you for warn technician i will cary to position one more day and after that "close by" :=)
Reply
SwingAndPip Technician
Looking for a move to the upside targeting 139 IMO. I took the dip as a buy opp. Long from 137 for 139.
Reply
Technician TOP SwingAndPip
Good luck
Reply
SwingAndPip Technician
Seems like it went well. Thanks.
Reply
Hey Man, can I ask, is that definitely a 50 day SMA? it doesn't look right on my chart?
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