System C's EURJPY trade reason
Gold arrow: Entry price
Red arrow: Stop loss price
Green arrow: Take profit price
Trade Setup:
EURJPY formed a major channel in the hour 1 and hour 4 timeframe.
Trade confirmation:
Price touched the top of our channel.
Trade reasons:
1) price touched the top channel
2) Good risk-reward ratio ( 1 - 1.69 )
3) Price also touched a strong Resistance
Take profit reasons:
1) Take profit level was set at the half of the channel to not overestimate market trend.
Stop loss reasons:
1) Stop loss level was set to be above the top of the previous high wick.
2) If price breaks the wick, it might be a breakout of a new trend.
Gold arrow: Entry price
Red arrow: Stop loss price
Green arrow: Take profit price
Trade Setup:
EURJPY formed a major channel in the hour 1 and hour 4 timeframe.
Trade confirmation:
Price touched the top of our channel.
Trade reasons:
1) price touched the top channel
2) Good risk-reward ratio ( 1 - 1.69 )
3) Price also touched a strong Resistance
Take profit reasons:
1) Take profit level was set at the half of the channel to not overestimate market trend.
Stop loss reasons:
1) Stop loss level was set to be above the top of the previous high wick.
2) If price breaks the wick, it might be a breakout of a new trend.