EURJPY - WHY THAT DOUBLE BOTTOM TRICKS US
Updated
Same as GJ, EJ is showing us signals that it's tired of just bleed. Despite the bearish structure, in order to keep going any further, it has to grab some liquidity, and the last week's candle close above a zone shows us exactly that: a incoming lower high, liquidity grab, retracement or whatever you like to call it.
If price doesn't break that minor zone or start to stall to much, then we don't have a trade. Simple as that. After all, we might be wrong, but we have a SL for that, RISK MANAGEMENT for that and patience is a blessing in this game.
Also, we need to find some previous order block so we can get money up there.
If price doesn't break that minor zone or start to stall to much, then we don't have a trade. Simple as that. After all, we might be wrong, but we have a SL for that, RISK MANAGEMENT for that and patience is a blessing in this game.
Also, we need to find some previous order block so we can get money up there.
Comment
Oh, and on THIS chart, please, ignore the FIBS. I didn't mention to keep it there and I forgot to erase it, so...Comment
OH! And did I mention that that double bottom is forming in the LOY (low of the year)? :OTrade closed: target reached
Target 1 reachedTrade closed: target reached
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