Short

Large potential but Countertrend short EURJPY

Updated

Price is at a level last seen in July 2008. At that time as well, price had made several attempts to go higher and failed (thus printing multiple tops). Once again, we can see several tops. A decline of 55,400 points (about 33%) happened in 2008, I can only wonder what we will see on this occasion. I see a supply zone (yellow rectangle) and expect this pair to fall.

I will be taking a trade as soon as spreads normalize on Monday, but note that this is counter-trend. If you take this too, please manage your risk with a high degree of caution.

Being prepared for the unexpected is always good in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!

Note

Waiting for a bearish signal - lower high/double top/bearish engulfing ... not going to enter without an indication.

Note

I am still waiting for an entry. Even though the bulls seem to be running out of steam (see H1 chart), we do have a new high at 169.935. So technically, the bulls are in charge here. I am still of the opinion that we are going to have a significant turn around, but need to see a clear lower high before I think of going short.

Trade active

Entered short at 169.604

Trade active

This pair has been moving sideways, kind of frustrating.
Let's see what happens on Thu, Fri. Perhaps it will pick a direction.

Trade closed: stop reached

On to locate the next opportunity.

Note

Finally, this pair started going down. I am looking for the current pull-back to end and consider going short.

Trading_Vista

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