This pair has been heavy on our radar in both the London & New York Live Trading Rooms, since breaking out of the descending triangle (daily chart) last week.
As we continue to break previous levels of structure support & create New Structure Lows (NSL) I'm going to continue looking for areas in which price action can pull back into, so that I can hop on the...
Analysis :
Current swing is completely bullish withouth any valid pullbacks (just smaller pullbacks happened).
EURJPY is up against resistance and we are having Double top in same zone with RSI Bearish Divergence
If next candle ends as Bearish Candle "Enter" else stay back dont enter trade.
Entering the trade after the current trend line break is also good...
EURJPY has been trending down for a while now, and has slowly been diverging away from the major trendline. Afterthe formation of a strong secondary trendline, the market has been putting in lower lows, and has recently formed a double top at the boundary of this secondary line. It looks as if the pair is head down towards the 119 levels, with stops above 124.00.
After retracing and failing at the 61.8 fib level (providing a C point) we are expecting EURJPY to eventually make a new lower low. So we want to short this pair...ideally on a retest of the kumo cloud ~ 123.00 however a break of current consolidation period will be a good enough trigger.
A retest of the broken previous support now resistance trendline puts us in a Bearish mood. Look to sell this pair on a break of the trendline. Ideally we get a decent pullback before making new lows and completing a ABC-D pattern.
FX:EURJPY
We know the idea is to keep it simple, short here, targets there. But i like details.
Let's see how it develops, note that the bulls are still awake, DO NOT jump in the trade, in fact this can be on "larger" abcd pattern that ends above the most recent higher high. So take it softly.
Why i'm am Bear? Because "all" industry are bullish...
Buy options...
If sellers push down to 123.96 on EUR/JPY I will likely enter short. This is a basic price action reversal setup. I may change my entry, target, and stop before this trade triggers.
FX:EURJPY
This is a monthly chart, but it's the same at lower time frames. All the structure breakouts are followed by the MA's cross.
*This is just a case study and not a sell suggestion.
MA 48 (red)
MA 13 (black)
Safe Trades;
Hi guys,
I thought I would share a pattern I am most fond of, the BAT pattern . I admire this setup because it mainly follows the overall trend and takes into account major support and resistance levels. As a strong believer in economics and harmonics, I believe this pattern gives 2 things which most traders strive for: 1) Good risk-to-reward and 2) Good win...
