Euro / Japanese YenShort
EURJPY : Seems like a great find!!!
Updated
EURYEN
Now , this is what we call trading counter trend. One of the first rules of taking counter trend setups is that we must take counter trend setups from key long term levels or from value areas. I couldn't post the Monthly and the weekly charts but if we draw a simple downwards trend line on the monthly and then adjust the same trend line on the daily and move down to the lower time frame then this all be clear to us and the setup (A well formed pin bar on the 4 hourly chart) will have our attention.
Notice how well formed Pin bar it is and also it is protruding from the surrounding price action.
Let's now discuss the factors of confluence we have in this trade and see if its worth taking in the context of Money management.
1. Price has started to see some selling pressure from the monthly downwards trend line.
2. Price has started to see strong selling pressure from the weekly downwards trend line.
3. Price is rejecting the higher prices on the daily and trying to reject and close under the 150exp.
4. A well formed pin bar on the 4 hourly chart rejecting/ false breaking the monthly, weekly & the daily downwards trend line.
5. R:R available : 1:3
NOTE : We will target the 50% retrace level of the daily swing higher for taking profits.
As this Setup we have taken is counter trend , so there will be a little more risk involved here. But setups like these sometimes prove to be very lucrative.
Below given is the trade idea :
Entry @ 120.94 (Order Filled) (We can also take entry from this Pin bar's 50% retrace level and this will give us more tighter stop)
SL @ 121.40
TP @ 119.60
R:R available : 1:3
NOTE : Price needs to clear the 120.40 area to officially activate a downside move. We will be observing price action at or near the 120.40 area and will act accordingly. (Will close the position if price action suggests)
Good luck!!!!
Now , this is what we call trading counter trend. One of the first rules of taking counter trend setups is that we must take counter trend setups from key long term levels or from value areas. I couldn't post the Monthly and the weekly charts but if we draw a simple downwards trend line on the monthly and then adjust the same trend line on the daily and move down to the lower time frame then this all be clear to us and the setup (A well formed pin bar on the 4 hourly chart) will have our attention.
Notice how well formed Pin bar it is and also it is protruding from the surrounding price action.
Let's now discuss the factors of confluence we have in this trade and see if its worth taking in the context of Money management.
1. Price has started to see some selling pressure from the monthly downwards trend line.
2. Price has started to see strong selling pressure from the weekly downwards trend line.
3. Price is rejecting the higher prices on the daily and trying to reject and close under the 150exp.
4. A well formed pin bar on the 4 hourly chart rejecting/ false breaking the monthly, weekly & the daily downwards trend line.
5. R:R available : 1:3
NOTE : We will target the 50% retrace level of the daily swing higher for taking profits.
As this Setup we have taken is counter trend , so there will be a little more risk involved here. But setups like these sometimes prove to be very lucrative.
Below given is the trade idea :
Entry @ 120.94 (Order Filled) (We can also take entry from this Pin bar's 50% retrace level and this will give us more tighter stop)
SL @ 121.40
TP @ 119.60
R:R available : 1:3
NOTE : Price needs to clear the 120.40 area to officially activate a downside move. We will be observing price action at or near the 120.40 area and will act accordingly. (Will close the position if price action suggests)
Good luck!!!!
Note
tradingview.com/chart/wZ1qMqc7/EURYEN MONTHLY!!!
Price has tested the dynamic resistance level & has seen some selling pressure!
Note
Price has tested the dynamic resistance level & has seen some selling pressure!
Note
EURYEN DAILY!!!
This is making much more Sense now!
Note
So far, looks great!!!
Trade closed manually
Prices being supported here at the daily 23% retrace and closing above the daily/weekly downwards trend line are all suggesting us taking an exit here at breakeven!!!
Flexibility is the key! we have to cut losers short and if price action suggesting that a possible move is on the way against our position, then we must get out.
Nothing lost in this one! closing trade @ 120.95.
will re-enter once the high's of this daily channel are tested and if price action will suggest.
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