As i mentioned earlier in the AUDJPY idea that EURJPY is printing a similar setup. Yesterday candle close perfectly to set me up for a trade. But to be honest, the price action does meet my setup rules but its still somewhat questionable.
The retracement towards 20EMA is too shallow, the structure that its leaning on...is good but not great. the impulse wave is "bear strong" but the starting point is too subjective because we can use a weekly impulse wave instead. I do see a weekly setup coming up (which means deeper retracement is expected) which means, this trade may not work out.
but still, i am going to try it from the daily timeframe. #itsjustanothertrade
The retracement towards 20EMA is too shallow, the structure that its leaning on...is good but not great. the impulse wave is "bear strong" but the starting point is too subjective because we can use a weekly impulse wave instead. I do see a weekly setup coming up (which means deeper retracement is expected) which means, this trade may not work out.
but still, i am going to try it from the daily timeframe. #itsjustanothertrade