EURJPY Day Trade *LEARN TO DAY TRADE FX CURRENCIES*
Updated
Here is another example of how to day trade FX currencies using a simple combination of Daily Pivot Points , 2x EMA's and the trendline tool on TradingView.
The first entry is based on the bullish trendline being broken and a retested. A lower low was made with the break of the TL and therefore this retest was a new lower high signalling a trend reversal. Price also rejected the daily pivot level and the 15 minute 50EMA. Because this is a fresh trend reversal, the 200 and 50 EMA's were not aligned but that is quite often the case with this style of entry.
Stop Loss is always placed 10 pips above the current high.
Target 1 is always the daily S1 level. If price manages to break through here with some momentum then it is highly likely that it will reach the daily S2 or even S3 levels. If you hold the trade to these levels then your R:R ratio will be increased dramatically.
The second trade opportunity came a day later. This entry is again based off of price rejecting the daily pivot level but it had done this 3 times in the same day so it is safe to assume that the Pivot level is acting as a strong resistance. The 50 and 200 EMA's were aligned and confirming a bearish trend (50 below 200) and the 15 minute timeframe chart had made a flag continuation pattern.
Stop Loss is always placed 10 pips above the current high.
Target 1 is always the daily S1 level. If price manages to break through here with some momentum then it is highly likely that it will reach the daily S2 or even S3 levels. If you hold the trade to these levels then your R:R ratio will be increased dramatically.
The first entry is based on the bullish trendline being broken and a retested. A lower low was made with the break of the TL and therefore this retest was a new lower high signalling a trend reversal. Price also rejected the daily pivot level and the 15 minute 50EMA. Because this is a fresh trend reversal, the 200 and 50 EMA's were not aligned but that is quite often the case with this style of entry.
Stop Loss is always placed 10 pips above the current high.
Target 1 is always the daily S1 level. If price manages to break through here with some momentum then it is highly likely that it will reach the daily S2 or even S3 levels. If you hold the trade to these levels then your R:R ratio will be increased dramatically.
The second trade opportunity came a day later. This entry is again based off of price rejecting the daily pivot level but it had done this 3 times in the same day so it is safe to assume that the Pivot level is acting as a strong resistance. The 50 and 200 EMA's were aligned and confirming a bearish trend (50 below 200) and the 15 minute timeframe chart had made a flag continuation pattern.
Stop Loss is always placed 10 pips above the current high.
Target 1 is always the daily S1 level. If price manages to break through here with some momentum then it is highly likely that it will reach the daily S2 or even S3 levels. If you hold the trade to these levels then your R:R ratio will be increased dramatically.
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