EURJPY Bullish continuation… London session…
07/04/2020…………………1130hrs
Top Down Analysis:
The Daily chart
The last two days have been closing bullish bouncing up from 116.600 support area. Therefore today I’ll be looking to buy any bullish continuation patterns and a break above 118.200 resistance. According to my analysis, a break above the resistance would fill the the range to the left. My next traffic area(resistance) is at 118.800 so that’s the range I’ll be taking profit.
H4 chart
Here’s a clearer analysis on the H4 chart. The current candle was a few minutes to closing and it closed above 118.200. This is a good high timeframe confirmation for buys.
M30 chart
Execution of Orders
This was my entry chart. Remember Daily chart is bullish, H4 is bullish, and M30 has formed a doji candle on retest of the broken zone, very good confluence for Buy execution, my stop loss below the doji candle.
Take Profit
After confirmation and execution, we wait for our orders to get filled. This also requires patience because you can never rush the market to make moves.
Since my range to the left in the H4 chart above is clean, i let my orders fill the range and locked 30 standard pips… What a good quarantine Tuesday!!
