EUR/JPY Rising Wedge

4 avr. 2016

Chart: Daily Time frame
Market: Bearish Trend

Bearish Indicators
1. Double top found at key 128.000 resistance level
2. Bearish Engulfing Candle (1st of April)
3. Price rejects 128.000
4. Rising wedge chart pattern
5. Double top & bearish engulfing pattern are all found just below the daily/weekly trendline resistance level

Risk Management
Risk/Reward Trade 1 - 1:1.70
Risk/Reward Trade 2 - 1:2.96
Stop Zone (trade 1 & 2) - 128.380 (just above 31st of march high)
Target 1 - 125.500
Target 2 - 124.100

Note: Price could pull back 127.600 before continuing lower, trade with caution.

Agree/Disagree? Comment Below!

5 avr. 2016

Note

Trade 1, Target 1 reached.

5 avr. 2016

Note

Trade 2, Move stop to break even.

6 avr. 2016

Note

Trade 2, Stop Moved to 126.750

7 avr. 2016

Note

Trade 2, Stop Moved to 125.780

7 avr. 2016

Note

Trade 2: Further downside expected over the next week, T/P moved to next level 123.400

7 avr. 2016

Note

Trade 2: Target Reached. Trade closed.