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 👍🏼.