It's evident that EUR/JPY has been consolidating for quite some time now—approximately over a month. However, this consolidation phase appears to be gradually shifting downward. There may come a point where the pair will cease its oscillation and move directly downward. Given these observations, I believe it's an opportune time to position oneself in the market.
I have entered two different positions, each on separate accounts.
It's important to note that the only certainty in the market is its inherent uncertainty.
Therefore, I have outlined three potential strategies for consideration. There are no definitive answers; only time will validate the accuracy of my trading logic.
Trade closed: stop reached
Certainly, here's the revised version of your updated perspective:After a day of market activity, it's evident that the price has moved in the direction of the red line. The market still appears to be within a consolidation phase. However, it's important to remember that trading involves both wins and losses. The key is to have a well-defined stop-loss strategy in place. I will continue to patiently await favorable market conditions.
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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.