TradingView
Professionalinvestfx
Oct 22, 2018 1:21 PM

Picking up downtrend Short

Euro Fx/Japanese YenFXCM

Description

We are shorting right now depending on different reasons:

1) It is often common that market is retesting previous highs in a downtrend. It is important that the market does not make a new higher high to have a still valid technical downtrend.
2) There is no RSI Divergence on the previous lows in the downtrend. RSI Divergence would be a significant signal for a weak downtrend.
3) Stochastics are also in an overbought zone!

Trade closed: target reached

next one
Comments
FXCM
Thanks for sharing, I agree with your idea and am bearish view on EURJPY as well. I have identified a resistance level that is a horizontal pullback resistance which coincides with the 50% fibonacci retracement.
Glad that we have the same bias on EURJPY
Professionalinvestfx
@FXCM-EDU, Thank you for your statement! It is always interesting to see how other traders predict the market.
More