EURJPY Sell Daily Chart
Bearish engulfing formed at confluence of both horizontal and diagonal resistance. Tag of upper BB with this formation. Stochastic heading down. Finally, though I am by no means an Elliot Wave pro, a case could be made that a corrective wave has just completed, and downtrend is resuming with the start of a new wave 1.
Stop loss is just above the Engulfing Pattern High. There is support at 114.08, and exiting here gives the trade a 1:1 R/R. Exiting at the last swing low gives a R/R of 1:2. And for EW and Fib traders the 161% level is 109.831, for 1:3.7 R/R.
I entered a sell stop order 10 pips below the close of the engulfing, and it was triggered around 10am this morning. My plan is to close 1/2 position at TP 1, move my stop to break even on the remaining position, and trail it by that much and let it run out to TP2.
With bullish candle close below TP 2, I will sell again looking to the TP3 -161% as my target.
Plenty of time to jump in on this one I am thinking.
Stop loss is just above the Engulfing Pattern High. There is support at 114.08, and exiting here gives the trade a 1:1 R/R. Exiting at the last swing low gives a R/R of 1:2. And for EW and Fib traders the 161% level is 109.831, for 1:3.7 R/R.
I entered a sell stop order 10 pips below the close of the engulfing, and it was triggered around 10am this morning. My plan is to close 1/2 position at TP 1, move my stop to break even on the remaining position, and trail it by that much and let it run out to TP2.
With bullish candle close below TP 2, I will sell again looking to the TP3 -161% as my target.
Plenty of time to jump in on this one I am thinking.
Note
Closed 1/2 position @ TP1 for 113 pips - Moved SL to breakeven and trailed it 90 pips. Canceled TP2 and will let this bad boy run on til it gets stopped out.Trade active
On Hourly chart price just completed a bearish Harami, Testing resistance level and upper BB. This level is near 38% fib retrace and Stochastic has begun to reverse...so if you are not in, good time to jump back on. If you are still in, you can tighten your stops a bit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.