EURJPY had hit the average weekly range (220 pips) from Y130.80. Part of my method in range analysis is, when price already hit its range the price very often retraces between (38 to 60% of its move), make a full reversal or price begins to move smaller and create small price structure (accumulation phase) (Yes I've just described the entire price action phases. Duhh!).
Having said that though, not all my trading plans are Long. One of my plans is to Short the EURJPY when
A. price reaches the daily pivot and gives me either i) Bearish Engulfing Candle ii) Dark Cloud Cover , I will SHORT and target according to the arrow I've marked in the chart.
Price very often react to obvious levels like Daily/Weekly/Monthly hi-lo levels. B : When price reaches this level, and gives me i) Bullish Engulfing Candle ii) Piercing Candle and target according to the arrow I've marked in the chart.
C. If the price breaks the weekly low (or I was long based on plan B and got stopped out) and reaches last week's Weekly Pivot and gives me i) Bullish Engulfing Candle ii) Piercing Candle, I will LONG and target according to the arrow I've marked in the chart.
If you agree my trading idea, hit the agree button and give me a follow. If you do not agree with my trading or I am missing something (i.e significant prices, levels etc), post a comment below and let's discuss. Thank you for reading
p/s : Its U.S Labor Day hence I trade the crosses today (USD Pairs range on Labor Day is almost untradeable, whilst EURJPY and GBPJPY historically maintains 90-100 pips daily range)
Having said that though, not all my trading plans are Long. One of my plans is to Short the EURJPY when
A. price reaches the daily pivot and gives me either i) Bearish Engulfing Candle ii) Dark Cloud Cover , I will SHORT and target according to the arrow I've marked in the chart.
Price very often react to obvious levels like Daily/Weekly/Monthly hi-lo levels. B : When price reaches this level, and gives me i) Bullish Engulfing Candle ii) Piercing Candle and target according to the arrow I've marked in the chart.
C. If the price breaks the weekly low (or I was long based on plan B and got stopped out) and reaches last week's Weekly Pivot and gives me i) Bullish Engulfing Candle ii) Piercing Candle, I will LONG and target according to the arrow I've marked in the chart.
If you agree my trading idea, hit the agree button and give me a follow. If you do not agree with my trading or I am missing something (i.e significant prices, levels etc), post a comment below and let's discuss. Thank you for reading
p/s : Its U.S Labor Day hence I trade the crosses today (USD Pairs range on Labor Day is almost untradeable, whilst EURJPY and GBPJPY historically maintains 90-100 pips daily range)