EURJPY H4, possible short trade!
Confirmations:
- Possible Head and Shoulders pattern (right shoulder currently forming).
- Price could possibly hit the H4 trend line for a 4th time before selling.
- Break and possible retest in this same zone.
- Multiple lower highs which could signal a change in trend.
All of the above confirmations combined create an "energy zone" based on my trading strategy. Therefore, this seems like a high probability trade setup which can turn into a nice sell back to the green H4 support zone . If you look to the left of my chart you would see that price previously made two hits to this zone before skyrocketing into a beautiful buy. That is why I chose this area as my potential take-profit zone.
- Possible Head and Shoulders pattern (right shoulder currently forming).
- Price could possibly hit the H4 trend line for a 4th time before selling.
- Break and possible retest in this same zone.
- Multiple lower highs which could signal a change in trend.
All of the above confirmations combined create an "energy zone" based on my trading strategy. Therefore, this seems like a high probability trade setup which can turn into a nice sell back to the green H4 support zone . If you look to the left of my chart you would see that price previously made two hits to this zone before skyrocketing into a beautiful buy. That is why I chose this area as my potential take-profit zone.
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