EURJPY Trade Idea
Updated
Hello Guys,
Today i am going to show you (after a few months of inactivity) another technical analysis of mine and the idea of why i want to go long on EJ.
Confluence 1: EJ broke out of a downside trend that lasted 2 months and a few days, that usually means we are heading towards a new trend (no lower lows)
Confluence 2: Ej broke above my MA's
Confluence 3: What do i do when the trend breaks? wait for a pullback. I like to wait for 0,382 FIB pullback.
Confluence 4: Fundamentally JPY is a safe heaven currency, but with the positive news on the vaccine and USD also being a safe heaven (usd weak= euro strong) that means our idea is also fundamentally a good reason.
So, lets patiently wait to come to our Fib. My SL is placed at 0.886 Fib.
See ya :D
Today i am going to show you (after a few months of inactivity) another technical analysis of mine and the idea of why i want to go long on EJ.
Confluence 1: EJ broke out of a downside trend that lasted 2 months and a few days, that usually means we are heading towards a new trend (no lower lows)
Confluence 2: Ej broke above my MA's
Confluence 3: What do i do when the trend breaks? wait for a pullback. I like to wait for 0,382 FIB pullback.
Confluence 4: Fundamentally JPY is a safe heaven currency, but with the positive news on the vaccine and USD also being a safe heaven (usd weak= euro strong) that means our idea is also fundamentally a good reason.
So, lets patiently wait to come to our Fib. My SL is placed at 0.886 Fib.
See ya :D
Note
at 126 we are taking partial profit, moving sl to Break even and letting it do its thing!Note
240 pips. partial profit takenNote
At 0.382 or 0.5 i will add another position and extend our tp.
Note
i will re enter again on EJ. fundamentals changed (brexit deal done)Trade closed: target reached
closing trade
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