Recently EURJPY reached high points in the chart at 173.016
From there it fell and continued downwards.
I took a quick demo trade with an inverse risk to reward. Not the ideal thing to do, but I didn't want to keep my TP higher than 173.016 since we know it's a strong resistance level.
Got a quick win there.
Now, on the 4H, we can see that one huge red candle look out the previous five green candles.
It indicates that selling pressure is incoming.
This would be a good time to sell now. But I do want to see price go below 171.540 just to get that extra confirmation. Just in case, price decides to consolidate or go high for a while.
Have to stay vigilant with this market now.
TP1 will be 171.100.
TP2 will be 170.000
TP3 will be 168.800
Lets see how this trade plays out.
From there it fell and continued downwards.
I took a quick demo trade with an inverse risk to reward. Not the ideal thing to do, but I didn't want to keep my TP higher than 173.016 since we know it's a strong resistance level.
Got a quick win there.
Now, on the 4H, we can see that one huge red candle look out the previous five green candles.
It indicates that selling pressure is incoming.
This would be a good time to sell now. But I do want to see price go below 171.540 just to get that extra confirmation. Just in case, price decides to consolidate or go high for a while.
Have to stay vigilant with this market now.
TP1 will be 171.100.
TP2 will be 170.000
TP3 will be 168.800
Lets see how this trade plays out.
Trade active
As mentioned, we do not want to enter into a trades unless that 171.540 is taken out. Price continued to go up for a while with no significant movement.
Lets see how prices moves from now.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.