EURJPY is nearly breaking the bottom of a small rising wedge.
Once we have a solid break (close beyond bottom line) a riskier trader can enter a short position.
A more conservative trader would wait for one full bar to close below the pattern.
We can see the size of the pattern is about $1.149. When multiplied by our chances of success (0.63 or 63% we get an expected move downward of $0.724.
TP:124.072 or approximately 72 cents below the breakpoint
SL: Slightly above the pattern or around 125.15
Those using higher leverage (not that i'm suggesting it) should be able to make a good profit here, anyone on 10x or less may want to sit this one out, as its a smaller move.
Pattern information and accuracy ratings : thepatternsite.com/risewedge.html
Once we have a solid break (close beyond bottom line) a riskier trader can enter a short position.
A more conservative trader would wait for one full bar to close below the pattern.
We can see the size of the pattern is about $1.149. When multiplied by our chances of success (0.63 or 63% we get an expected move downward of $0.724.
TP:124.072 or approximately 72 cents below the breakpoint
SL: Slightly above the pattern or around 125.15
Those using higher leverage (not that i'm suggesting it) should be able to make a good profit here, anyone on 10x or less may want to sit this one out, as its a smaller move.
Pattern information and accuracy ratings : thepatternsite.com/risewedge.html
Trade active:
Entry point hit
Comment:
We've stalled about halfway through, so I am moving SL to breakeven + a few pips. This will maintain the profit we do have essentially becoming a risk free trade
Trade closed: target reached