Technician
Long

EURJPY: Resuming Breakout?

FX:EURJPY   Euro Fx/Japanese Yen
1489 17 16
Update 2: Stopped out . Profit(pips)= -80x2=-160
Update: Trade is active now.

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A possible long here on a breakout above key resistance levels,

-The price may have completed a bottom for now after taking the main descending resistance,
-The 200-days SMA a
-Horziontal resistance at 139.25
-A potential bullish hammer candle today

I am looking to long the pair around 139.70, targeting 141.00 and 142.30. With a stop loss at 138.90.

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Technician
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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game ;
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Skype: Technician - The forex channel
Do you still consider this trade even if no Bullish Hammer candle have formed? Appreciate your feedback.
Reply
Don't you take into consideration the key resistance zone at 140?
snapshot
Reply
Yep I noticed this key resistance over the weekly chart, i dont like that the price failed to close the week above it and retreated back below. But there still a lot of bullish technical developments. A good idea is to wait for a another break above that resistance to look for a long position.
Reply
Casey_Yeo Technician
Thanks for replying. The failure to close above the resistance is a turn off for me here. How do you determine your stop loss placement here? My wild guess is that you want it below the psychological round figure - 139?
Reply
Well, it depends on the different factors, entry level, below support level as i see it and appropriate with a good risk-reward.
+3 Reply
Unfortunately, I noticed that resistance late.
Reply
Casey_Yeo Technician
This is what I'm currently waiting for a long.
EURJPY
Reply
thanks for this post
Reply
thank you
+1 Reply
Trade is active now.
+1 Reply
bogdan.saenko Technician
Are U long for the target U have specified on the chart?
Reply
Technician TOP bogdan.saenko
I am long yes. If i change my targets i will post here.
+2 Reply
bogdan.saenko Technician
Thanks for your answer!
Reply
what about use/jpy, up too?
Reply
Update 2: Stopped out . Profit(pips)= -80x2=-160
+1 Reply
I think the decline continues on 137.900
Reply
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