Hi Traders
Today I have a very interesting setup on EURJPY. Current market structure and price action on higher timeframes (4H+) suggest a continuation on the move downwards.
The last candle on 4H may suggest a rejection but I argue that is an indication of doubt, meaning the wick of the 4H candle has a high probability of worked through in the hours to come.
Based on all these indications I have opened a short position at market price. Entry, Stop loss and Take profit as drawn on the chart. RR is 1:2 which is an absolute minimum! I prefer 1:3 or 1:4 but in this case it's good enough.
I will set the stop loss to breakeven as soon as price reaches 1R profit.
Good luck :) If you like this idea or agree overall I would appreciate a like 👍🏼.
Today I have a very interesting setup on EURJPY. Current market structure and price action on higher timeframes (4H+) suggest a continuation on the move downwards.
The last candle on 4H may suggest a rejection but I argue that is an indication of doubt, meaning the wick of the 4H candle has a high probability of worked through in the hours to come.
Based on all these indications I have opened a short position at market price. Entry, Stop loss and Take profit as drawn on the chart. RR is 1:2 which is an absolute minimum! I prefer 1:3 or 1:4 but in this case it's good enough.
I will set the stop loss to breakeven as soon as price reaches 1R profit.
Good luck :) If you like this idea or agree overall I would appreciate a like 👍🏼.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.