"EURJPY - 1st Strike Trend Continuation " by trader Akil_Stokes — published April 04, 2017

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Euro / Japanese Yen (FX:EURJPY)

FX:EURJPY Euro / Japanese Yen

EURJPY trendcontinuation trendtrading structure-trade support akil_stokes

eurjpy trendcontinuation trendtrading structure-trade support akil_stokes

The EURJPY was one of the main pairs on my watch list heading into this week of trading due to the fact that we had just broken a previous level of structure support .

I took a small loss on an aggressive day trade on the 5 Range bar charts during this mornings Live Room session, but this was the first opportunity I had to get in as a swing trader.

It's an aggressive sell once again, but due to the amount of risk & the risk reward potential of the trade it's certainly a trade that I'm interested in.

If stopped out, my eyes will then be on a second chance short around the $119.00 price point which is a level where previous structure support has shifted to resistance in the past.

I sent a video out of the initial analysis this morning & if I have the time later on the the week I'll try to put everything together so that you guys can see it as well.

Good luck in the markets traders & keep an eye out for those WED FOMC Minutes. Although it's a USD based release, the USD & the YEN have been in a fierce battle of save haven pairs so I would certainly expect to see some type of reaction.

Akil Stokes
Forex Trader & Trading Coach

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Looks like I'm on the right track

Germaine_Mills

@Germaine_Mills, Well done Germaine

This was good losing trade. One big and important mistake. Sl can't be in key zone man. Good analysis bad stop, if had been before last lower high would of been tp hit.
Keep up the good work buddy, love your posts

lzardoya

@lzardoya, Thanks for the comment

Hello, Akil, I was predicting the same from this pair that's why I shorted but it hits the stop loss. Now, I am trying to analyze the last move to understand why it happened and to avoid it in the next trade, however, my entry was built based on double top and waited for re-test. can you please help me to understand? and thanks for help :)

hobss2004

@hobss2004, We had a powerful level at 118.73, but the way I see it is that the only other option was to put your stop at 119.15's which would have been too much risk for me personally

I was just watching one of your videos haha

Jengo

@Jengo, Thanks

The only thing that concern me about the sell, is the Daily RSI entering the oversold territory.
I Know that and indicator is not an absolute true....but the Daily RSI use to be very reliable.