EURJPY - SHORT POSITION (4HR)CONFLUENCES:
- Bearish market structure confirmed by EMA crossover
- Rejection of 51 EMA
- Breakout & retest of previous area of consolidation
- Fib Levels line up nicely with areas of support & resistance
- Entered the trade prematurely but my healthy stop-loss has kept me in the trade with a 1:3 R:R
D-ej
EURJPY - PREDICTIONDoesn't get much easier.
Double top. Look at the daily chart, huge bearish rejection of this level. 4hr showing these twin tops, multiple confirmations.
Again, usual scenario of break the neckline and follow the usual corrective move to the 61.8% where we should bounce off again for the third touch. Careful if you take the sells, it's counter trend.
EURJPY Short Opportunity for +/- 80 pipsEURJPY Short Opportunity
Confluences:
1) Price has been rejected many times from the top half of a 3-month range
2) In the Weekly timeframe and 1H; 9 EMA is crossing the 21 SMA to the downside
3) Big bearish engulfing candle closed last week
4) In the Daily chart; price broke the 100SMA last friday
5) Price broke the bottom support of the said range
and has already confirmed it for 2 times as now a strong resistance
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I wish BIG profits to you ALL!!!
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I am grateful to have been taught by God and myself on trading.
My money grows every day in increasing quantities on a continuous basis.
EURJPY - Fib levels I don't use the typical multi TF levels.
I choose a bunch of TF that I am more comfortable with. (Thus the 2h chart)
I have market everything on the chart for you. I prefer to keep the chart as clean as possible.
And Personally, I am not a big fan of candlesticks. Whether on the chart or off the chart.
Focus more on your risk management and psychology, cause the technical part is the easiest part. It is the Risk and the psychology that absolutely murder the retail traders. Not the technical.
Happy trading and stay safe. :)