TRADE SET UP - EURJPY - PRICE BOXED IN - WAIT FOR PRICE ACTION

Traders, i'm looking for the break out/retest scenario for BUYS.
Price is boxed in on a 35 pip range. If it goes the other way and breaks/retests lows it's going to lower demand area. 07:00 candle key.
DIONNG

Commentaire:

Traders, Red Folder news coming at 13:30 and 15:00. Trade with caution. Personally, i do not get involved 30 minutes either way of major news announcements. Price is at the lower price range at the moment. Watch for "fakeouts". We need to see a convincing push to the downside to consider shorts. A retest and wicking candles gives greater confidence that price is waning.
DIONNG

Commentaire:

Traders, Break and retest trade in play.
Sell 157.52
Stop 157.76
Target 156.90

DIONNG

Commentaire:

Traders, if you are looking for shorts, always wait for rejection candles(wicks) as confirmation. This looks like it wants to go higher. Invalid set up
DIONNG

Commentaire:

Traders, here's a recap.
07:00 - 10:30, Price goes to the top of the "boxed" area, pokes it's head a touch higher and starts the sells off.
12:45, Break out of the bottom of the "boxed" area. If you are a "break-out" trader there was 22-24 pips in that move.
12:45 - 13:30, Retest of break out area
13:30(NEWS), Dropped 48 pips
Why the second retest/rejection did not happen the second time at the "breakout" area.
1. Price was bouncing off a demand area from 23/8/23
2. There was a supply/resistance area above the break out area that needed to be touched
DIONNG