The EURJPY was one of the main pairs on my watch list heading into this week of trading due to the fact that we had just broken a previous level of structure support.
I took a small loss on an aggressive day trade on the 5 Range bar charts during this mornings Live Room session, but this was the first opportunity I had to get in as a swing trader.
It's an aggressive sell once again, but due to the amount of risk & the risk reward potential of the trade it's certainly a trade that I'm interested in.
If stopped out, my eyes will then be on a second chance short around the $119.00 price point which is a level where previous structure support has shifted to resistance in the past.
I sent a video out of the initial analysis this morning & if I have the time later on the the week I'll try to put everything together so that you guys can see it as well.
Good luck in the markets traders & keep an eye out for those WED FOMC Minutes. Although it's a USD based release, the USD & the YEN have been in a fierce battle of save haven pairs so I would certainly expect to see some type of reaction.
This was good losing trade. One big and important mistake. Sl can't be in key zone man. Good analysis bad stop, if had been before last lower high would of been tp hit.
Keep up the good work buddy, love your posts
Akil_Stokes
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@lzardoya, Thanks for the comment
hobss2004
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Hello, Akil, I was predicting the same from this pair that's why I shorted but it hits the stop loss. Now, I am trying to analyze the last move to understand why it happened and to avoid it in the next trade, however, my entry was built based on double top and waited for re-test. can you please help me to understand? and thanks for help :)
Akil_Stokes
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@hobss2004, We had a powerful level at 118.73, but the way I see it is that the only other option was to put your stop at 119.15's which would have been too much risk for me personally
The only thing that concern me about the sell, is the Daily RSI entering the oversold territory.
I Know that and indicator is not an absolute true....but the Daily RSI use to be very reliable.
Akil_Stokes
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@DamianSchelling, Yes, although we ended up still technically closing below, the daily chart provided us with a very bullish candlestick formation to end yesterday .