EURJPY Short Bias .Waiting for Pullback for Short Entry. UpdateHey Guys!
As you know, I'm currently waiting for a pullback to at least 131.67 for a short entry with the stop loss at 133.68 and the main target at 114. 40 . Here's an update!
On the left side of the chart this was consistently short term short strength confirmed by upward trendlines break outs and no immediate breaks back in. ( No---! For I want long strength to kick back in for the short entry!)
Then in the middle of the chart, price began to base out with consecutive 1h downward trendline break outs and no immediate breaks back in. ( Yes!! For short strength began to wane a bit!)
Soon after the 1H chart began confirming long strength with the upward trendline break out and immediate break back in. (Double Yes!! For long strength kicking back in!)
However, at the recent 1h highs, price is giving mixed signals. A 1M Fake Double Top that went its target height.(Showing short term short strength) and moreover, a 1h upward trendline Break out, but no immediate break back in. (Also
showing short term short strength) However, if there was truly short term short strength, the 1M Fake Double Top's 2nd Top price level should not be hit.
So, at the current moment, price is likely to range a bit. Perhaps a NFP consolidation.
But for the time being, I'll still be waiting for a 131.67 pullback for a short entry. Moreover, if the NFP release happens to be the catalyst for the pullback, I may give it a couple of days to see if I can get an even better short entry price.
Perhaps at 132.67 with the same risk parameters.
OK! That's it for the update!
Have a great day guys!
Ken
Disclaimer: This is not Personal Financial Advice.
