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Never a great decision to enter a position without much conviction or solid reasons why, but that's where I am with this trade. EURJPY, has been ranging/consolidating, etc. Currently I am more bearish than bullish. I have taken advantage of a few opportunities with good risk/reward to go short and long over the last few weeks (or longer). Most have been short...
Update: the position has been trigged. ________________________________ As expected, a pending long position after the breakout.
It is up to the market to play along this analysis. Share a LIKE!
UPDATE: This trade has failed. __________________________ Pretty symmetrical. I like it!
UPDATE: the pair moved differently of the forecast and did not trigged the entry position. ________________________ My approach is quite conservative for this pair. An ABC pattern already happened (abc in orange) but I am looking for a bigger ABC flat before the uptrend continuation.
Confluences: 1/ Trend 2/ Last weeks candle high test/shooting star 3/ resistance 0.66 4/ Daily fib bounce 5/ Daily MACD bullish divergence
Update: 50 pips loss. __________________________ The prices almost touched the estimated target based on my previous analysis. It made a ABC correction and it feels like a begining of a 5 waves down (possible a ending diagonal) to the $1.076 area.
I am expecting two different scenarios so far for engage a trade. Let's oversee the process.
As we are currently still in an uptrend on the daily time frame until a clear break of 1.4300 I'm looking to go bullish on this pair. Currently hitting some price consolidation now showing that supply and demand are balanced. Looking for a break of the bearish sloping trendline once a reversal takes place around at 1.4550 levels.
I guess it will be a trend continuation after days in consolidation. I am assuming that the consolidation is already broke and the retracement is a opportunity to hope on the trend.
This is a intraday glimpse of what I should expect for a trend continuation. See my related analysis of USDJPY.
This is a pretty idealistic scenario, but this is what I should expect if my overall analysis is right.
The price action hints me that could be an appreciation of USD through this week. Wednesday 15th the parliament of Greece will decide the Euro's bailout terms.
Reason 1: Obvious down trend *Bias* Reason 2: Channeling in a down (Sellers taking a breather) Reason 3: A strong indication of a bearish flag in the down trend
Building up a case for long position.
Forecasting a possible short position after ZigZag correction.
Confluences: 1/ With the trend 2/ Retest with pin bar showing us deceleration 3/ MACD bullish divergence 4/ TL bounce 5/ 61.8% fib bounce 6/ Bounce of the 1.95 level which is a weekly level