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Eurjpytrade

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
EURJPY | Use the Pull Back to get in.When it comes to EURJPY , a while ago, we've seen a strong impulse to the downside. And got rejected from a previous resistance area, which is now acting as support. Looks like we don't have any resistance till T1. I think T1 area is also a tad weak; so there is a good chance price might break T1 and move towards T2. So you should be cautious when price reaches T1. If price breaches T1 then you could keep the position till T2. If not, make sure to close the half of your position. If you are going long, please make sure to place stop below the previous support area. And only buy when you get a pull back. If you find this technical analysis useful, please like & share our ideas with the community. What do you think is more likely to happen? Please share your thoughts in comment section. And also give a thumbs up if you find this idea helpful. Any feedback & suggestions would help in further improving the analysis. Good Luck! Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Long
by maxprofwizard
EUR/JPY--- ATTEMPTING Y133 LEVELThe euro has had a very strong week against the Japanese yen, closing near the ¥131 level. It now appears that the Japanese yen itself is in trouble so this could continue going forward, at least into this week. At this point, I would not be surprised at all to see this market make a serious attempt to get to the ¥133 level, especially if we end up having more of a “risk on week”, which I do think will probably be the case as traders put money back to work after the holidays.
Long
by SmoothJB
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