EURJPY MARKET STRUCTURE SHOWING SELLS
*Previous HIGHER LOW was broken indicating the market wants to go lower
*Black zone has strong candles showing momentum from the sellers in that area
*Waiting to see how the market reacts in the untested black level before selling
The market was making HIGHER HIGHS, HIGHER LOWS telling me we are in an uptrend, but one main thing to look out for is BOS (breaks of structure)
For example, if the market is in an uptrend making higher highs higher lows and price breaks past a higher low. This indicates the market may have a shift
in structure. (The trend can change from an up-trend to a downtrend) In this case, EUR/JPY was making higher highs, higher lows. And we did get the B0S (break of structure)
You can find the BOS in the small pink zone where it happened. Now take a look at price action it is obvious the black zone highlighted is an area of significance.
The market showed a strong reaction in that area indicating momentum from the sellers. This was also the move that caused the BOS.
For now, all I'm waiting for is the price to retest in that black zone where we saw a huge strong push from once. If the market is showing signs of rejection
I'll look at entering for sales with a stop loss above and take profit at the next untested level of support.
Let's see how this one plays out!
*Black zone has strong candles showing momentum from the sellers in that area
*Waiting to see how the market reacts in the untested black level before selling
The market was making HIGHER HIGHS, HIGHER LOWS telling me we are in an uptrend, but one main thing to look out for is BOS (breaks of structure)
For example, if the market is in an uptrend making higher highs higher lows and price breaks past a higher low. This indicates the market may have a shift
in structure. (The trend can change from an up-trend to a downtrend) In this case, EUR/JPY was making higher highs, higher lows. And we did get the B0S (break of structure)
You can find the BOS in the small pink zone where it happened. Now take a look at price action it is obvious the black zone highlighted is an area of significance.
The market showed a strong reaction in that area indicating momentum from the sellers. This was also the move that caused the BOS.
For now, all I'm waiting for is the price to retest in that black zone where we saw a huge strong push from once. If the market is showing signs of rejection
I'll look at entering for sales with a stop loss above and take profit at the next untested level of support.
Let's see how this one plays out!
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