TomProTrader

EURJPY: Waiting For Breakout In An Action Zone- Shorts Favoured!

FX:EURJPY   Euro / Japanese Yen
289 7 7
Friends

Argumentatively neutral, But I'm favouring shorts due to structure and Fibonacci reasons. And i've outlined the short reasoning on the chart only.

HOWEVER I am not placing any positions, for 2 reasons.

1: Who the hell would place a FOREX order on a Friday unless they are on crack
2. It's just too uncertain to know for sure. The opening Monday should give you a determinable signal.

Thanks

Tom

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Also edging towards trading to the downside, but deciding whether to enter on breakout of triangle, or upon close below neckline of the head & shoulders pattern. Monday will tell.
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Can you explain why not place orders on Friday? Because of Weekend Events that might have effects on Prices (Danger of Gaps)?

Reply
Friday is where day traders or position traders would choose to exit their trades, to prevent such and any gaps from affecting them. Thus retail traders like us, could be affected if large positions are dumped on these days. The dumping would see price moving the direction that we are not expecting, hitting our SL.
+1 Reply
P_Parker PriceActionTrading
Ah, very interesting to know! Thanks PAT!
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P_Parker PriceActionTrading
And what about holding Positions over Weekend that has been opened during the week?
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Well when entering a trade, you have to determine entry exit and duration. If your duration have to exceed weekend, then so be it. Your SL must have accounted for the duration.
+1 Reply
P_Parker PriceActionTrading
Thanks!
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