TRADE SET UP - EURJPY - PRICE BOXED IN - WAIT FOR PRICE ACTION

Updated

Traders, i'm looking for the break out/retest scenario for BUYS.
Price is boxed in on a 35 pip range. If it goes the other way and breaks/retests lows it's going to lower demand area. 07:00 candle key.
DIONNG

Note

Traders, Red Folder news coming at 13:30 and 15:00. Trade with caution. Personally, i do not get involved 30 minutes either way of major news announcements. Price is at the lower price range at the moment. Watch for "fakeouts". We need to see a convincing push to the downside to consider shorts. A retest and wicking candles gives greater confidence that price is waning.
DIONNG

Note

Traders, Break and retest trade in play.
Sell 157.52
Stop 157.76
Target 156.90

DIONNG

Note

Traders, if you are looking for shorts, always wait for rejection candles(wicks) as confirmation. This looks like it wants to go higher. Invalid set up
DIONNG

Note

Traders, here's a recap.
07:00 - 10:30, Price goes to the top of the "boxed" area, pokes it's head a touch higher and starts the sells off.
12:45, Break out of the bottom of the "boxed" area. If you are a "break-out" trader there was 22-24 pips in that move.
12:45 - 13:30, Retest of break out area
13:30(NEWS), Dropped 48 pips
Why the second retest/rejection did not happen the second time at the "breakout" area.
1. Price was bouncing off a demand area from 23/8/23
2. There was a supply/resistance area above the break out area that needed to be touched
DIONNG

DIONNG

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