breakofstructure

We are in this position because of the break above a previous structure and retracement back into a resistance come support zone. The pinbar candle signalled the entry, We have a 2360 fib level from a previous swing and we are trading in the short term trend direction. Probability suggests we will lose this trade but the risk reward makes it worthwhile.

EURJPY broke the support that's been in place for more than a month so it is highly likely to start a bearish trend. There is a important structural level at 126.72 which coincides with 0.5 Fib so I assume that EURJPY will jump up to that level and go down again. Now it is in a relief rally up to 0.5 Fib. I would suggest a short position at that level. Good luck!

TRADE WHAT YOU SEE During my Top-Down-Analysis which means for me that I am starting on the Daily timeframe, I thought this kind of process would be quite interesting to share. 1st: I identified the broken structure to the downside 2nd: I anticipated the outside return into previous strc. resistance, which completed last night during the asia session. 3rd: Now I ...