Update: Trade is active
Update: more than 90% target was reached. Moved stop loss to entry
Update: Stopped out at breakeven.
Profit(pips)= zero.
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The EURJPY is testing a potential resistance area.
- 50 days SMA,
- previously broken horizontal support level
- Confluence of 50-percent retracement of the whole bearish wave, and 1.618 extension of the latest bearish wave.
-Potential rising wedge resistance
-Minor bearish divergence on RSI
So i am looking to short for one conservative target and one more aggressive. i will get out on a loss if price takes that resistance area
Lets see how this one goes mates, Trade Safe, and Best of Luck ,
Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
==================================================================
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
1) If 90 percent of first target is reached I move stop loss to breakeven.
2) If 90 percent of first target is reached without triggering entry I cancel the trade.
3) Remember: Losing is a main part of the game
Update: more than 90% target was reached. Moved stop loss to entry
Update: Stopped out at breakeven.
Profit(pips)= zero.
-------------------------------------------------------------------------------------------------------------------------------------------------------------
The EURJPY is testing a potential resistance area.
- 50 days SMA,
- previously broken horizontal support level
- Confluence of 50-percent retracement of the whole bearish wave, and 1.618 extension of the latest bearish wave.
-Potential rising wedge resistance
-Minor bearish divergence on RSI
So i am looking to short for one conservative target and one more aggressive. i will get out on a loss if price takes that resistance area
Lets see how this one goes mates, Trade Safe, and Best of Luck ,
Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
==================================================================
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
1) If 90 percent of first target is reached I move stop loss to breakeven.
2) If 90 percent of first target is reached without triggering entry I cancel the trade.
3) Remember: Losing is a main part of the game