EURJPY POTENTIAL PROGRESS FORMATION IN PROGRESS
We can see that the pair has turned bullish after a short correction. We have also identified certain patterns which further
support our bullish basis. These have been listed below:
1: The pair is in a strong uptrend as the price is making new highs
2: Trendline breakout
3: Pennant pattern breakout
We will wait for the price to correct on the lower time frames after the trendline breakout then only can we start to look for
reasons to enter long. We do not take trades with less than 1 to 3 risk rewards. If we get stopped out , we follow our trading plan as
we wait for a new setup to form. We only take one entry per setup and do re-enter when stopped out as we see this as revenge/over-trading.
support our bullish basis. These have been listed below:
1: The pair is in a strong uptrend as the price is making new highs
2: Trendline breakout
3: Pennant pattern breakout
We will wait for the price to correct on the lower time frames after the trendline breakout then only can we start to look for
reasons to enter long. We do not take trades with less than 1 to 3 risk rewards. If we get stopped out , we follow our trading plan as
we wait for a new setup to form. We only take one entry per setup and do re-enter when stopped out as we see this as revenge/over-trading.
Comment:
The pull back was not as deep as we expected but the correction lower time frames seems to have come to an end. We have decided to enter long as the trade meets our trading plan rules. We plan to hold this trade for the next 3 to 4 weeks.
Comment:
Price is moving nicely. We are expecting price to spike to the upside in the next week or two