Euro / Japanese YenShort
EUR/JPY 1/20/2021 16:05 (DEMO)
EUR/JPY 1/20/2021 16:05
Fundamental/Sentimental
Cot: COT data suggests that price action follows hedge positions quite closely, in fact is rather sensitive to it. There is little delay in it’s effects as well. Now, from a non-behavioral perspective, although it may seem that hedges are overdue to change in direction relatively overdue. However, a slight tick currently has yet to be reflected in price action, which may suggest an infectivity due to an insufficient amount of demand, which can only call for a change in net funds.
News and Events: JPY important event regarding monetary policy tentative today, other tentative events. (Further understanding regarding news events needs to be understood)
Technical
Time Frame Analysis: Monthly: Pressure from a currently testing trendline, possibly drawn to a magnetic structural level. Weekly: Buyers entering market, creating new uptrend, only 2 touches in. Daily: Structural levels and fibonacci zones indicating a definite possible move to the down side before continuing uptrend. 4H: Down side move likely to incur a retest before making it’s down. 1H: Clear consolidation affirms this, higher low as well.
Indicators: RSI supports my entry on all timeframes.
Entry
Position: 0.03 of 5,000USD Account Balance
RR: Perfect fitment of a 3:1, take profit of 107.8 pips risking 35.4 pips.
Fundamental/Sentimental
Cot: COT data suggests that price action follows hedge positions quite closely, in fact is rather sensitive to it. There is little delay in it’s effects as well. Now, from a non-behavioral perspective, although it may seem that hedges are overdue to change in direction relatively overdue. However, a slight tick currently has yet to be reflected in price action, which may suggest an infectivity due to an insufficient amount of demand, which can only call for a change in net funds.
News and Events: JPY important event regarding monetary policy tentative today, other tentative events. (Further understanding regarding news events needs to be understood)
Technical
Time Frame Analysis: Monthly: Pressure from a currently testing trendline, possibly drawn to a magnetic structural level. Weekly: Buyers entering market, creating new uptrend, only 2 touches in. Daily: Structural levels and fibonacci zones indicating a definite possible move to the down side before continuing uptrend. 4H: Down side move likely to incur a retest before making it’s down. 1H: Clear consolidation affirms this, higher low as well.
Indicators: RSI supports my entry on all timeframes.
Entry
Position: 0.03 of 5,000USD Account Balance
RR: Perfect fitment of a 3:1, take profit of 107.8 pips risking 35.4 pips.
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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.