EUR/JPY formed a wedge on the hourly chart. My first analysis published on TradingView. Lots of consolidation on this pair recently and would be looking to initiate TP around the 124.390 mark.
Great analysis , wait for a break and retest before entering this pair
Pabsgainz
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@Juff97, Thank you for the feedback. Where would I look for the retest? Would it be a retest of the horizontal trend line?
TheRZA
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@Kasburn, the breakout could happen either way. If it occurs on the bottom Trendline then a retest would occur , go into a smaller timeframe and use candlestick confirmation for your entry
Pabsgainz
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@Juff97, Thank you. The pair increased slightly then broke the bottom trendline and continued to push to where I thought it would. Once the pair broke the bottom trendline, would I wait for a retest following the break?
TheRZA
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@Kasburn, yes I would advise that as would increase your trading success rates. If you trades the breakout you become a momentum trader , which has it’s own risk.
Pabsgainz
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@Juff97, Thank you for all your help. It is really appreciated.
TheRZA
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@Kasburn, No Problem, if you need examples just browse through the ideas on my page :)