1. The price is at a key support level and has turned from there multiple times in the past
2. I assume it won't breakout for 2 reasons:
(a) The CFTC CoT reports from last few weeks shows that the Non-commercials(hedge funds) are closing the shorts on Euro and are simultaneously opening longs. For JPY, we have seen an uptrend due to massive closing of the short positions without any significant change in the long positions but now there's no significant changes in positions so I assume there won't be any changes in favor of Yen.
(b) On H1, the trend has exhausted, and it is over extended, forming 4 waves.
Buy stop above the high of the previous candle + spread.
Stop won't be valid if it's not triggered before the close of 1:00pm 1hr candle
Thanks for reading. Happy Trading.
2. I assume it won't breakout for 2 reasons:
(a) The CFTC CoT reports from last few weeks shows that the Non-commercials(hedge funds) are closing the shorts on Euro and are simultaneously opening longs. For JPY, we have seen an uptrend due to massive closing of the short positions without any significant change in the long positions but now there's no significant changes in positions so I assume there won't be any changes in favor of Yen.
(b) On H1, the trend has exhausted, and it is over extended, forming 4 waves.
Buy stop above the high of the previous candle + spread.
Stop won't be valid if it's not triggered before the close of 1:00pm 1hr candle
Thanks for reading. Happy Trading.
Trade active:
30 pips in profit. Moving Stop loss to breakeven
Trade active:
Target 1 achieved. Taking 1/3rd position off.
Trade closed: target reached:
Trade hit the stop loss at BREAKEVEN.
Covered 60 pips for the risk of 32.
Covered 60 pips for the risk of 32.