Decision point in EURJPY
Updated
Hi traders, hope you all have a great weekend.
Today in my morning analysis i've spot this important situation in this chart. As you can see from those green arrows we are in a stron decision point cause in the recent past it has been many times support and resistance. In addition to this, the trend is turning into a form of consolidation (cause we didn't break the last resistance level for two times).
Giving the conditions, we are looking for some kind of signal that the price may go higher and change trend. In this case the signal is represented by an engulfing candle on the 4hr chart. This is usually a good signal that the price wants to go higher.
Now we are waiting for a little retracement in order to put our first target at a secure level (into consolidation zone). We can keep half position for an extended target.
The levels i'm looking to are:
Entry: 114,30s
Sl: 113,73s
Target1: 114,87
Target 2: to be evaluated
Hope i was clear enough in my explanation.
For any question, don't hesitate to ask.
Trade safe guys!
Bye
Today in my morning analysis i've spot this important situation in this chart. As you can see from those green arrows we are in a stron decision point cause in the recent past it has been many times support and resistance. In addition to this, the trend is turning into a form of consolidation (cause we didn't break the last resistance level for two times).
Giving the conditions, we are looking for some kind of signal that the price may go higher and change trend. In this case the signal is represented by an engulfing candle on the 4hr chart. This is usually a good signal that the price wants to go higher.
Now we are waiting for a little retracement in order to put our first target at a secure level (into consolidation zone). We can keep half position for an extended target.
The levels i'm looking to are:
Entry: 114,30s
Sl: 113,73s
Target1: 114,87
Target 2: to be evaluated
Hope i was clear enough in my explanation.
For any question, don't hesitate to ask.
Trade safe guys!
Bye
Trade active
Filled long
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