EURJPY Buys Rolling Have a trade floating open on EJ currently
I'd like to explain why I took this trade
I have 5 questions I needed to get answered, they are as follows
Question 1 - Is EURJPY in momentum (bullish or bearish)?
Question 2 - Who is interested (at this time)?
Question 3 - Where are their stop losses?
Question 4 - Have those stop losses been taken out?
Question 5 - Does the set up make sense to me to pursue?
So let's answer those questions
Q1 - Ej is in bullish momentum (confirmation on the higher timefram)
Q2 - Buyers would have been interested above this level (orange zone)
Q3 - Buyers stop losses would have been below the zone (orange line)
Q4 - Buyers stops may have been taken out with that recent spike low
Q5 - Yes, I do think it makes sense for me to attempt to pursue a trade on this asset
So far it is just about 20 pips in profit, but with a 10 pip stop loss this trade literally just needs to go about 50 pips or so to give me a 1:5+
Upvote if you agree with my reasoning
OR
Downvote if you didn't read and didn't attempt to understand my reasoning
Look at Ej for yourself to see if you think buys would have made sense to you here
