EURPJY - Trade Plan
Updated
Weekly:
Market Structure - Price rejected a channel line resistance, moved sharply lower and found support at 119.423. Last two bars have seen price creep higher, given the range and bodies of these bars are decreasing in size it looks more like a pull back. Price could break back above 121.396 which is a key level based on previous PA.
Daily:
Market structure - Price found sellers at 121.396 and was rejected strongly forming a bearish corrective structure (wedge).
Trend -
4HR:
Market structure - After impulsive PA to downside price has been consolidating and formed a wedge and made a double top
Entry Plan:
Wait for price to move impulsively to downside and break horizontal support 120.338 in order to be confirmed price wants to go lower.
Sell entry on re-test.
Target 1: 119.423
Target 2: 118.485
Trade active
Price moved higher on on Monday (for 3rd Monday in a row) and rejected the upper channel line... entered a 1/2 position short to bottom of structure... if it plays out the original trade idea remains in play...
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