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EUR/USD SHORT IDEAFor educational, study, and demonstration purposes only. EUR/USD is in an overall bear trend. The structure of the market is a head and shoulders pattern on the day chart. As we hone in on the hour chart we can see that price respects the 38.2% fib area (highlighted in yellow) with long wicks and price rejection.. Note also the downward trend line which is also respected at 3 points. Continuation in a bearish pattern would confirm completion of the right shoulder of a head and shoulders pattern. I would expect that this pair will have multiple strong bullish retracements before continuing its way down.
Short
by mrsceleste
1
Re-test Support on EURJPY ShortEntry - 127.64 Target - 126.9 - 74 pips Stop Loss - 128.1 - 46 pips The risk to reward on this one is a bit better than recent trades. I'm not currently in the trade, but I do have an entry short off of the Ichimoku conversion line (thin green line) and area of previous support (light blue line at 127.695) on the four hour chart. I'm hoping the 30EMA sinks at or below my stop loss by the time the entry level is hit. Ideally, the 200MA (darker blue line) would be above the Ich Cloud for me to consider a valid trend continuation, but I'm willing to put on a medium sized position for the chance of hitting a small double bottom. EURJPY is a rangy pair and it is apt to make sharp moves, so I'm not completely confident in this one, but it looks like a fair opportunity. I'll update the trade as needed. Thank you for looking! -Zedro
Short
by Zedro
EURJPY Short off of 200MA and S&REntry - 130.235 Take Profit - 129.44 - 79.5 pips Stop Loss - 130.815 - 58 pips This is another trade with a less-than-ideal risk/reward ratio. On the four-hour chart, I'm looking for a bounce off the 200MA and previous area of support (now resistance). You'll note that the 130.235 had been an area of interest previously, but I had drawn this line on the monthly chart. The lighter blue horizontal lines were drawn on the daily and represent weaker areas of S&R. Very rarely after the initial break above the Ichimoku Cloud does the price continue climbing/falling through previous areas of S&R. While I'd prefer to trade with a trend, there appears to be a number of things working in the favor of this trade. I expect price to make a correction to the weak area of support at 129.44. The 30EMA or conversion line may act as an adjusted TP area, depending on how the PA works out. The stop loss is above another weaker area of resistance. Entry not yet hit. I'll add comments and updates as the trade progresses, but may end up canceling this one. Thank you for looking, Zedro
Short
by Zedro