Marenno
Short

EURJPY Short Review

FX:EURJPY   Euro Fx/Japanese Yen
The pair still got room to go down,
At the moment Triangle - like pattern is formed on a 1HR chart,

For short Entries we can Use 128.20 As a Sell Stop Level,

I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy), Sometimes I prefer not to wait till my SL is hit.

1st Target at 126.90
SL Above 128.80

Stop Loss must not be more than ATR*3 (my subjective opinion)
In case if the current set up doesn’t let me to place a stop loss of this size, I will Use Limit orders. If the Stop loss is triggered, and the price is still going in chosen direction, I prefer not to lose a trade, and re-entering the position, with a short stop loss.
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Using:
http://marenno.com/index.php/how-to-use-volume-and-open-interest-option-levels/

Counting:
http://marenno.com/index.php/counting-option-levels/

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