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EUR/JPY Decision TimeThis pair has had one of the largest moves of the day. Currently pushing into the major psychological at 138. It is also pressing into a resistance point that has rejected it twice. Could be a triple top leading to a horizontal channel. If it breaks and closes above 138 then I see a little more upside before a pull back and a continued move north. Happy Trading! ------------------------------------------------------------------------- Website: www.fxtradersclassroom.com Email: zach@fxtradersclassroom.com Twitter: @fxtradersclass Youtube: www.youtube.com -------------------------------------------------------------------------
by TradersClassroom
2
EURUSD MAJOR TURNING POINT. MARKET MUST CHOOSE. LONG OR SHORT?EURUSD is at a very important level. Based on historical price patterns, the 1.3450 area is a major point in terms of this pair continuing it's bearish momentum or not. The major support zone between 1,3512 and 1.3450 area has been compromised BUT price is just hanging onto the lower part of the zone. If price can stabilize, meaning it spends the next day or so in this area, I will interpret this as a lack of weakness and look for bullish validations on this 4 hour time frame for a swing trade long. I will place my stop just below 1.3450, and set my target at 1.3550 area. This trade can take days to unfold so patience is required. If price closes below 1.3450 with conviction, meaning it closes on the low of a large 4 hour bar, then I will take this as a sign of further weakness. In order to get short, I will then need to see a retracement back to the 1.3450 area for a short possibility. The nearest target that I can estimate on a swing trading basis is the 1.3330 area. Again because of the time frame, it can take days to reach this target once in the trade. Remember this trading methodology requires entry criteria to be met. I am posting this analysis to provide a reference in order to better anticipate where the entry criteria may appear (this is my validation process). Stops also need to be determined at the time of entry. Consistency in trading is the key to success as a professional. How do you reach this level? You reach it with constant guidance, support and methodology that puts you in a situation where you are ahead of the market. You can read my article about the 3 most important elements of being consistent here: www.unconventionaltrader.com
by MarcPMarkets