The EURJPY cross has a Minor Pivot Stack in place which is support. With the new Monthly Pivot Range intact, the price bias is to the upside.
Although the trend is nicely up, we need first, to have the price display strength by penetrating the swing high from the previous session.
Go long if the price trades through 126.003 and place the stop loss at 124.970 and a profit target at 127.880.
Although the trend is nicely up, we need first, to have the price display strength by penetrating the swing high from the previous session.
Go long if the price trades through 126.003 and place the stop loss at 124.970 and a profit target at 127.880.
Order cancelled
The price turned in the opposite direction soon after writing about this setup. When the price moves this swiftly and with enough distance in the price, this will typically void the setup. This is because, either the price has gone to the opposite side of the Pivots or because of the magnitude of the move, new Pivots have formed in the next trading session.
This underscores why I wait for a confirmation of strength or weakness before entering the trades.
Note
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.