EURJPY retrace starting now?
PAIR IN FOCUS: EURJPY
ACTION: LONG
Price has printed a Bullish Engulfing candle on the weekly charting, signalling a long trade trigger. For this trade, looking for a retrace for a better R:R, with 2 TP areas, TP 2 being a longer-term outlook if TP 1 hits successfully. TP 2 fits nicely into a Fibonacci retracement level of a larger bearish wave.
The Entry Zone, TP 1, TP 2 and Stop Loss have been indicated. Even though the SL is about 100 pips from the Entry Zone, this setup still provides a good R:R as TP 1 is at least 220 pips away.
ACTION: LONG
Price has printed a Bullish Engulfing candle on the weekly charting, signalling a long trade trigger. For this trade, looking for a retrace for a better R:R, with 2 TP areas, TP 2 being a longer-term outlook if TP 1 hits successfully. TP 2 fits nicely into a Fibonacci retracement level of a larger bearish wave.
The Entry Zone, TP 1, TP 2 and Stop Loss have been indicated. Even though the SL is about 100 pips from the Entry Zone, this setup still provides a good R:R as TP 1 is at least 220 pips away.
Note
Price barely touched my entry zone and reached the TP 1 price level. Looking for retracement before another push towards TP 2.
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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.