EURJPY Bearish continuation… New-York session…
13/04/2020……………….1500 hrs GMT +3
Top Down Analysis:
4 HOUR CHART
EURJPY has been in an 80 pip range between 118.850–118.000 since we hit that strong Resistance level around 118.850 area on Tuesday last week…
Why is it a strong resistance?, looking left we can see multiple rejections when price comes to this area.
Well, since we in a range, i was waiting for price to break either above or below the consolidation. My job as a retail trader is to follow what price is doing, not predict…
When I opened my chart at 1400 hrs GMT +3 (Pre — New York session), I noticed the strong bearish move that started when the markets opened in the Asian session.
Everything in the higher time frame is looking bearish, i drop down to the 1 Hour chart to look for a bearish continuation pattern…
1 HOUR CHART
H1 is looking really nice!!!….
The 1300 hrs H1 candle has broken and closed below support and looking left,….we have a Clean — Range to fill (marked blue)…
In order for that to happen, i need to see some sort of retest around the current broken support at 188.000 and candles closing bearish…
So, i wait…
M30 Chart
M 30 chart looks clear and simple… Price has broken support and there’s no traffic to the left.
1430 hrs M30 has closed as a Doji and still below 188.000 support.
In lower Time frames (M15 & M5 ) a small resistance level at 117.950 is forming and candles are not closing above.
This Creates a nice level to put my stop loss above upon entry.
Entry………M15
Small Resistance Forming at 117.950 area…
Sl — 10 pips
M30’s Doji Close was a good confirmation for continuation.
First Take profit Target will be the next support at 117.630 Estimated risk reward — ratio : around 1:3
EXIT
- 25 PIP PROFIT!!!
Runner in Break- Even
