My bias on EURJPY is on the down-side, two possible scenarios with two possible entries:
Scenario one: The price breaks and close below 131.398 (must close below the price), then allow the price to retrace and stall at the back of the trend-line (must not touch the trend line ),
then enter sell, and place stop above the resistance line above (aqua colour). Target to take profit around 130.198.
Scenario Two: If the price goes far beyond down beyond the break of the red line (131.398), I will allow it to close, below the line, and await retracement to the same red line, then I will sell,
looking at the same target as above.
Whichever scenario, the RR is more than 2.
Patience is the key....
Scenario one: The price breaks and close below 131.398 (must close below the price), then allow the price to retrace and stall at the back of the trend-line (must not touch the trend line ),
then enter sell, and place stop above the resistance line above (aqua colour). Target to take profit around 130.198.
Scenario Two: If the price goes far beyond down beyond the break of the red line (131.398), I will allow it to close, below the line, and await retracement to the same red line, then I will sell,
looking at the same target as above.
Whichever scenario, the RR is more than 2.
Patience is the key....
Order cancelled:
We did not enter the trade as it did not close below the line.
Congratulation to those that took long positions.
Congratulation to those that took long positions.