📈 Trade Idea: Long EUR/JPY
Analysis:
Price aggressively rejected the downside with a long wick, indicating strong buyer interest at a key support level. This suggests a liquidity grab, where price swept lows before pushing back up. A potential bullish reversal could be in play, targeting the next resistance zone.
Trade Plan (Based on Chart Setup):
🔹 Entry: 156.991 (Rejection from support)
🔹 Stop Loss: 156.846 (Below recent low, invalidates bullish bias)
🔹 Take Profit: 157.281 (Fixed at 2R)
Risk/Reward:
✅ Stop Loss: ~15 pips
✅ Take Profit: ~30 pips
✅ Risk-Reward Ratio: 1:2
Why this trade?
✔️ Liquidity grab below previous lows
✔️ Strong bullish rejection at key demand zone
✔️ Potential reversal targeting previous resistance
📌 Looking for price to maintain above 156.50 to sustain bullish momentum.
Analysis:
Price aggressively rejected the downside with a long wick, indicating strong buyer interest at a key support level. This suggests a liquidity grab, where price swept lows before pushing back up. A potential bullish reversal could be in play, targeting the next resistance zone.
Trade Plan (Based on Chart Setup):
🔹 Entry: 156.991 (Rejection from support)
🔹 Stop Loss: 156.846 (Below recent low, invalidates bullish bias)
🔹 Take Profit: 157.281 (Fixed at 2R)
Risk/Reward:
✅ Stop Loss: ~15 pips
✅ Take Profit: ~30 pips
✅ Risk-Reward Ratio: 1:2
Why this trade?
✔️ Liquidity grab below previous lows
✔️ Strong bullish rejection at key demand zone
✔️ Potential reversal targeting previous resistance
📌 Looking for price to maintain above 156.50 to sustain bullish momentum.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.