Vmoney10

EURJPY 4H 100pip BUY - Week starting: 23.3.2021

Long
FOREXCOM:EURJPY   Euro / Japanese Yen
Hello. I'm a new trader working on my TA, any pointers or constructive criticism to help me improve are appreciated !

I believe we are seeing the formation of a trend reversal pattern specifically a bearish triple top, where price moves upward in a bull trend, ranges- creating three equal highs, and then forms a down trend. As can be seen on the graph price has formed 2 highs whilst consolidating within a range of 126pips. My trade idea is to trade the 3rd bullish leg which will bring price up to the 3rd high point of the trend reversal pattern.

If price bounces off the marked support level , we can hope enter a buy position if the candlestick closes as bullish . This seems likely as rejection wicks can already be observed.

Hidden bullish divergence suggests that price is waiting to buy, this is shown on the macd and stochastic indicators.
The stochastic indicator recently crossed below the 20.00 dashed line (I call this a 'shark out of the water' event), showing that price is waiting to buy, we should wait for confirmation on the stochastic before entering a position. I believe entering with a sensible amount of confirmation could result in a 75pip - 100pip trade if TP is hit.
If I enter this trade I will draw a fib and take partial profits at each key level.

This is a trade idea so please do not trade based off my analysis alone

Vince / Vmoney
Order cancelled: Price broke that support over the weekend with a big bearish candle. Deja Vu anyone?
Depending on where price goes I may or may not post an updated analysis
Thanks for the likes anyway
Trade active: Didn't mean to cancel the order! oop
Trade closed: stop reached: Big L's! Luckily I took partials and broke even before price fell like a rock.
So it's a big W
Dubs
Vmoney
Comment: My mistake: I bought at the top of a monthly resistance, this was influenced buy a bullish divergence from the last 3 weeks. The previous weekly cycle of consolidation was coming to an end which I was unaware of, making a breakout move very likely. Learnt from my mistakes and hope you learnt something to.