EURJPY Multi-Time Frame Price Action Analysis, and Backtesting

Hi everyone:

Let's take a detailed look into EURJPY’s current price action, what my analysis and forecast so far,
and do some backtesting on previous prices to give us a positive outlook on the potential bearish continuation price.

Starting from the Higher time frame, clear double tops, and ascending channel reversal are very noticeable. Then the price had a bearish reversal impulse phase, pushing the price down.

After we begin to see a consolidation, forming a potential expanding correction, which can give us opportunity for a continuation of the bearish move.

Following up on my EURJPY analysis I post, I took 2 entries so far:

First trade - 1% loss
Price wasn't ready to reverse and correctively move sideways/up, tagged me out for a loss.

Second Trade - Enter after a rising wedge, “M” style reversal correction.
Currenting Running about +2%

Original Full analysis/forecast:

So 2 TP to look out for are:

Now, let's do some backtesting on the EURJPY previous price action.
From the Higher Time Frame:

Similar price action in the past, can provide us a higher probability trade to enter for the downside.

The more backtesting we do, the more confidence we get at identifying the next potential impulse phase where we can capitalize.

Any questions, comments, or feedback welcome to let me know :)

Thank you


Some backtesting video I made in the past:

Backtesting & Chartwork on Forex Market

16:01

Backtesting & Chartwork on Indices Market

17:07

Backtesting & Chartwork on Crypto Market

13:56

How & Why I backtest:

12:36

Prevent Blowing an account by backtesting:

18:08

코멘트:

Position Update:

코멘트:

Out for +2.8% profit, will monitor the price in next few days for possible re-entry.

코멘트:

Downside looks more promising as we broke the previous lows, still got rooms to go :)