FX:EURJPY   Euro / Japanese Yen
The save haven flows in JPY should cause this to push down to the previous support of 13300. We do expect 12500 to be reached by 2016 but in the mean time I will be looking to take partial profit at 13300. The tweezer tops at the declining trendline are a clear indication that this currency pair should sell off further
Comment: Have taken 50% profit and moved stop loss to 13450
i'm agree with this
Do you use price action to confirm your entry?
BOAFX peter.kralmail
yes absolutely
Ok I´m just asking, because I don´t see this information from the chart. Which formation do you use most for this type of reversal?
BOAFX peter.kralmail
Oh OK, Let me see if I can clarify it for you; I have circled the first sign of price action reversal there which is the tweezer top candlsticks.(the two shadows of equal length rejecting the trend line) so now I am just waiting for a new low from the previous daily candle. I could have entered on the opening of the daily candle after the tweezer tops once it made a new low but I missed it so I am waiting for the next new low. On the smaller time frame of 4 hours you can see the latest candle also rejected the recent rally which is a good sign ....hope this helps
good stuff buddy took this trade a few days ago :) nice profit now :)
BOAFX ernestohands
your welcome
Congratulations! Your chart has been selected to be highlighted as the post of the day. This is a great example of setting up a trade idea around trendline resistance.
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