Hello Traders,
It is easy to spot the downtrend on the EURJPY. Let's see whether we can spot an opportunity to short this pair.
Resistances: 124.812, 125.016
Supports: 124.505, 124.202
I set a SELL LIMIT ORDER below the resistance 124.812 set the SL above the next resistance 125.016. TP is set at the support 124.202. See the arrows for my graphical projection.
Entry: SELL LIMIT 124.77
SL: 125.053
TP: 124.246 / 124.505 (partial profits)
Trade characteristics: Trend continuation with a limit entry on a retest of resistance
Expected trade duration: 1-2 days
Risk-to-Reward-Ratio: 1.85
Any Likes or Opinions in the comment section are appreciated. I also post regularly, so if you like my content, make sure to follow me. :)
It is easy to spot the downtrend on the EURJPY. Let's see whether we can spot an opportunity to short this pair.
Resistances: 124.812, 125.016
Supports: 124.505, 124.202
I set a SELL LIMIT ORDER below the resistance 124.812 set the SL above the next resistance 125.016. TP is set at the support 124.202. See the arrows for my graphical projection.
Entry: SELL LIMIT 124.77
SL: 125.053
TP: 124.246 / 124.505 (partial profits)
Trade characteristics: Trend continuation with a limit entry on a retest of resistance
Expected trade duration: 1-2 days
Risk-to-Reward-Ratio: 1.85
Any Likes or Opinions in the comment section are appreciated. I also post regularly, so if you like my content, make sure to follow me. :)