Description: As shown above we have FX:EURJPY . We have a clear cut Trend outlined on this pair for the
month of March 2016 i had a few long positions anticipating a touch of the upper channel TL. A few pips short of the TL we can see
structure coming back into play with a similar breakout trade of the almost identical to PA from late summer 2015 Till \
Since then we have been in a with multiple breakout attempt ( Nothing Major ). If you zoom out we have beautiful
structure which will likely hold below 129.000 ( if we see a breakout ). For this reason it would be a good idea to join the Trend,
Ideally on the retracement. ( Break of RED TL )
However if we see a break & close below Weekly Support after the retest we would to short this part the FIB extensions outlined
below. IF THOSE TARGETS ARE FULFILLED WE COULD LIKELY SEE PRICE SLIDE TOWARD MONTHLY SUPPORT!
Using these indicator/s: [200 ,50 EMA] On the Daily the 50 is Smoothing out PA & the 200 acting as magnetic resistance. 4HR we
have the 50 & 200 Demonstrating a cross.
Duration: Long Term
Decision: I will SHORT this pair off the retracement if breaks and holds above the Red TL, If price declines and closes below Weekly Support i
will wait for a retest to SHORT this pair.
Trade Setup: Trade Setup:
Entry: 126.000 Entry: 124.700
TP 1: 124.720 TP 1: 123.500
TP 2: 123.350 TP 2: 122.640
SL: 127.400 - 127.600 SL: 125.700 - 125.900
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading
INDICATORS: Moving average
ATTACHED CHART : YES