Euro / Japanese YenShort
Rising Wedge pattern on EURJPY indicates a potential opportunity
An emergence of a divergence in the EURJPY pair in a 1H timeframe signal a potential reversal to a bearish trend. Furthermore, there was an evident rising wedge pattern that could be witnessed, signaling a possible opportunity to sell
Strategy to approach this potential Short sale trade for AUDCHF:
1) Wait for the price to break previous HL.
2) Based on the calculation of lot size of 0.10, I would place a sell stop on the previous HL at 142.349
3) Keeping the risk/reward ratio to 1:1, I kept the Take Profit 1 level at 140.985
Strategy once Take Profit 1 is achieved:
1) Once Take profit 1 is achieved, I will revise the Stop loss level to the previous Take Profit 1 level i.e. 140.985 for breakeven.
2) For the 2nd leg of the trade my Take Profit 2 is 139.648
Strategy to approach this potential Short sale trade for AUDCHF:
1) Wait for the price to break previous HL.
2) Based on the calculation of lot size of 0.10, I would place a sell stop on the previous HL at 142.349
3) Keeping the risk/reward ratio to 1:1, I kept the Take Profit 1 level at 140.985
Strategy once Take Profit 1 is achieved:
1) Once Take profit 1 is achieved, I will revise the Stop loss level to the previous Take Profit 1 level i.e. 140.985 for breakeven.
2) For the 2nd leg of the trade my Take Profit 2 is 139.648
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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.
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.