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Eurjpytrade

EUR/JPY WILL IT MAKE THE RETRACEMENT?Monthly The price is moving between supply and demand. The price is currently on the way to the supply area. We can definitely expect the price to reject the supply area. Weekly Price is currently over extended. When price is over extended we can expect a correction. We could definitely expect the price to reach a little higher before the correction to the down side. Daily The price is currently creation higher highs and higher lows. The price is definitely in an up trend. When the price switch to bearish structure we can start looking for entry's. In general we have to wait for the change of environment to the down side in M,W and D to look for a short opportunity. Also remember, to have better point of entry we have to look in lower time frames.
Short
by Wiiso
EUR/JPY Short Trade 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 . On the last 4h move up I didn't get the pullback to my entry level at 131.67 by roughly 8 pips!(Wha-----t?) So I've been watching the lower time frames for signs of short term long strength to see if I can get that pullback. In this video, I show how I was able to tell that we will be getting a move down for the last week or two. Just a short explanation of reading strength of the longs or shorts through price action. So I'll keep you guys updated with this set up! Have a great day! Ken Disclaimer: This is not Personal Financial Advice.
Short
by TradingForexPriceAction
1
Confirming Trends with the Lower Time Frames EUR/JPY ExampleHey 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. Like always, I'm watching the lower time frames to confirm whether or not I will get this pullback to 131.67. During the initial move long there were several confirmations of short term long strength on the 1M-15M charts through Trendline break outs then immediate breaks back into the trendline. ( Immediate break back in means: the break out candle's close and the break back in candle's open is at the same price level) Thus was expecting short term long strength. However, 8 pips from my short entry level, there was a legitimate 15M Head and Shoulders that went it's target height level before reaching the right shoulder's stop loss level. Signaling waning short term long strength. ( If long strength was present, price should ignore the H&S and not reach it's target height price level and stop traders out at the right shoulder's stop loss level. )( I can't explain the details here.) So price did not reach my short entry level at 131.67 by a whopping 8 pips! (Yikes!!!!) Soon after, there was a 4h trendline break out with no immediate break back in further signaling 4h waning long strength.(Ti----mberrrrr!) Currently, there was a downward 1h trendline that was broken out to the long side, with no immediate break back in signaling "slight" waning short term short strength. ( I say slight due to the 1h Trendline not being as prominent as I would like to signal waning short strength.) In this way, I measure whether or not I will get a pullback for higher time frame entries (Weekly trade in this case) using the lower time frames to confirm short term long/short strength. However, I also use this method to confirm higher time frame trends. Or as I like to call it, higher time frame "biases". I'll keep you guys updated with this short set up! Have a great day guys! Ken Disclaimer: This is not Personal Financial Advice.
Education
by TradingForexPriceAction