EURJPY BUY IDEAThis trade is based on the retest of the blue channel. We have the 61.80% fibs of the last retracement, the uptrend channel in yellow of two trendlines, and in our entry point their is a major supply&demand zone and this give us a major support for our little swing. EURXXX is very strong this last few weeks so we trade with the trend and we only buy a retracement of the big move.
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EP---130.4340
SL---130.1843 (25pips)
TP1---130.6147 (breakeven)
TP2---130.9429
TP3---131.3222
TP4---131.8243
Takeprofit
Possible Short (VALIDATED)Confluences
1.Major Support broken on daily (validating resistance zone on the 4hr)
2.Price action still validated as price has not broken
3.Major confluence between daily resistance zone and trend line
4.Long Term Trend
5.Profit margin- 1:3
5.If price action reaches take profit and no signs of major reversal we hold trade
EUR/AUD SHORT - PARTIAL PROFIT TAKENFX:EURAUD
As expected after falling back inside the familiar range the rate pulled back to test the upper boundary and turned around right on the spot at 1.4470. (watch the video on full trade idea here )
As I have closed a part of my initial position and my stop's at break even - I will be looking to scale back in the trade.
I will be looking for a pullback towards the possible former broken support as the new resistance at 1.4320-1.4335 and keep targeting the range base at 1.4130