A sell signal was triggered on this pair earlier week, with bears pushing price below the 200 ema. I was able to make profits off of a short trade from the 200 ema. After 20 pips my Trade Manager expert Advisor, always brings my stop loss to break -even and takes off 50% of my trade position. The balance of my trade position on the EURJPY was closed off at break-even , as price moved back above the 200 ema. I don't usually discuss my trading strategies in detail, but I thought would mention it as trade management, is essential to getting profits from a volatile market or currency pair.
Based on price action of this pair, I have gone to the daily chart. This is the summary of how I will be trading this pair in the upcoming week is as follows:-
1) The pair is essential stuck in a range (daily chart) . Boundaries - Upper: 125.30-33, Lower: 123.50- I will be buying dips close to or at 123.50 or at the further extremity of 122.60 (if seen)
2) Aggressive traders can sell at the top of the boundary at 125.30, but run the risk of price going to 125.80 or beyond (in line with the dominant trend) .Tight stop losses will be needed.
3) I will be looking to see if price attempts any break out of this range. In the meantime I prefer to trade only the daily boundary levels only on dips.
Safe Trading all!
Based on price action of this pair, I have gone to the daily chart. This is the summary of how I will be trading this pair in the upcoming week is as follows:-
1) The pair is essential stuck in a range (daily chart) . Boundaries - Upper: 125.30-33, Lower: 123.50- I will be buying dips close to or at 123.50 or at the further extremity of 122.60 (if seen)
2) Aggressive traders can sell at the top of the boundary at 125.30, but run the risk of price going to 125.80 or beyond (in line with the dominant trend) .Tight stop losses will be needed.
3) I will be looking to see if price attempts any break out of this range. In the meantime I prefer to trade only the daily boundary levels only on dips.
Safe Trading all!