EURJPY Analysis
Price is currently bearish overall so I am only looking for sells.
Price has made a double bottom and created a support level. I am going to wait and see what price does because there wasnt a lower low made yet and I do not want to enter a sell at just anywhere. There are three ways I am looking to enter a trade:
1. Price closes below the support showing bearish pressure in the market and signs it will make a lower low
2. I am going to wait for price to test the resistance level and look to get in a sell after 2/3 rejections of that level on the 15 min or if there is a double top formed on the 5 min. I will put my SL above market structure so that I will have a small stop loss with a great 1-3 RR trade setup to target the support level just in case it starts ranging.
3. If price breaks that resistance level and stops me out I will likely be looking for buys as that will mean a higher high was formed and look to enter on the higher low.
Hope this helped give you an insight to how I currently see the structure of EURJPY.
Make sure to drop a like and leave a comment below :)
Price has made a double bottom and created a support level. I am going to wait and see what price does because there wasnt a lower low made yet and I do not want to enter a sell at just anywhere. There are three ways I am looking to enter a trade:
1. Price closes below the support showing bearish pressure in the market and signs it will make a lower low
2. I am going to wait for price to test the resistance level and look to get in a sell after 2/3 rejections of that level on the 15 min or if there is a double top formed on the 5 min. I will put my SL above market structure so that I will have a small stop loss with a great 1-3 RR trade setup to target the support level just in case it starts ranging.
3. If price breaks that resistance level and stops me out I will likely be looking for buys as that will mean a higher high was formed and look to enter on the higher low.
Hope this helped give you an insight to how I currently see the structure of EURJPY.
Make sure to drop a like and leave a comment below :)
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.