DLavrov
Singkat

EURJPY Entry Level for Short

FX:EURJPY   FX Euro/Yen Jepun
Price is going to reach the downtrend line and probably we'll see price reversal with further a donwward movement. It will be a short opportunity. We can place a sell-stop orders below the local swing low and 128.700 support level trying to catch this downward movement. Entry level for short trades is 128.490 with stop orders above the local swing high and the downtrend line. Profit targets should be at 127.500, 124.500 support levels. We also can use trailing-stop orders for better exit. Please note, the price reversal from the downtrend line must be confirmed by RSI reversal. The downward movement and the breakout should be confirmed by DMI indicator. ADX line will have to rise above 20 and confirm trend market conditions.
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your "swing high" is 129.75?
Balas
@tomg10, yes, but if prce reverses from the downtrend line, we'll have a new swing high which will be lower than the previous.
Balas
tomg10 PRO DLavrov
@DLavrov, i see, thanks!
Balas
what if break upper trendline?
+1 Balas
DLavrov TOP Murodjon
@Murodjon, it will be a new trading opportunity.
Balas
is that possible to enter after touching trendline, if there will be confirmation of oversold in Stoch and RSI?
Balas
DLavrov TOP Murodjon
@Murodjon, it's better to wait for a breakout below the support level. It will be an additionbal confirmation for this downward movement. If you sell based on a reversal signal from the downtrend line, the market can bounce from 128.700 support line and start an upward movement.
Balas
Murodjon DLavrov
@DLavrov, Thank you !! I`ll follow your advice))
Balas
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