EURJPY finally leaving the congestion phase?
Atualizado
EURJPY has been trading in a very tight range since the beginning of the trading week.
With the setup of the moving averages that is about to turn bearish and with a strong down-movement behind the box, I am looking for a good opportunity to enter a short position.
I'm going to wait for the price to enter the upper part of the range, then wait for a signal that sellers are again there and then open my short position, trading a rejection first, followed by a breakout.
I'm probably going to structure the trade with two take profits: the first one at the bottom of the range, with the logic of rejection. The second one will be outside the range, calculating the size of the congestion phase and applying the measured move to get the most out of the breakout.
Risk to reward ratio is amazing, defenitely something that I'm going to monitor.
With the setup of the moving averages that is about to turn bearish and with a strong down-movement behind the box, I am looking for a good opportunity to enter a short position.
I'm going to wait for the price to enter the upper part of the range, then wait for a signal that sellers are again there and then open my short position, trading a rejection first, followed by a breakout.
I'm probably going to structure the trade with two take profits: the first one at the bottom of the range, with the logic of rejection. The second one will be outside the range, calculating the size of the congestion phase and applying the measured move to get the most out of the breakout.
Risk to reward ratio is amazing, defenitely something that I'm going to monitor.
Trade ativo
I managed to enter this position after a shooting star right at the top of the range.Price is still around there, let's see how it goes.
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