I'm noticing the EURJPY is running into the overall daily downtrend right now and could be ready for a short if conditions are right.
I'm being relatively cautious about this one because it it could turn on me and push up to daily resistance around 121.4. Additionally, although this is a short, I'll only be looking to take profits down to the 61.8 fib mark, incase it's merely a retrace before heading higher.
Engagement:
I'm waiting for 2 things here: 1 - Break in recent Trend Line 2 - Break and close below support at 119.383
TRADE SPECIFICS:
ENTRY - 119.383 TAKE PROFIT 1 - 117.625 TAKE PROFIT 2 - 116.673 TAKE PROFIT 3 - 115.489 STOP LOSS - 120.371 (Need it a little high to clear some wicks) RISK : REWARD - 2.68
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Reminder - this is not financial advice, simply an idea. Please do your own research before entering any trades and ensure you use risk management such as stop losses.
Remember, there is only 5 outcomes when you enter a trade:
1. Break Even 2. Small Win 3. Small Loss 4. Big Win 5. Big Loss
Eliminate #5 from your future options.
Happy Hunting!
코멘트
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Creeping across the trend line and starting to hit my alerts. Not yet, but soon...
코멘트
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This 4HR close could determine new Lower High structure potentially... a good starting signal.
코멘트
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Broke uptrend and retesting. Waiting for further confirmation before entry.
주문취소됨
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did not get our entry on this one. This is why it's always important to wait for confirmation!