EURJPY Short Trade *TRENDLINE BROKEN, FIBONACCI & RESISTANCE*
I am now shorting the EURJPY FX currency pair based on the 4hr and 1hr timeframe analysis. Confluences for taking this trade are as follows:
- 4hr lower high
- Multiple rejections of 0.618 Fibonacci Retracement level
- 1hr bullish trendline broken with lower high
- Daily timeframe showing tweezer top formation
I have placed a conservative stop loss which is 50 pips.
- Profit Target 1 is the 125.00 resistance zone which lines up with the daily trendline (outer structure).
- Profit Target 2 will be a lower low at the 4hr Fib 27% extension.
- 4hr lower high
- Multiple rejections of 0.618 Fibonacci Retracement level
- 1hr bullish trendline broken with lower high
- Daily timeframe showing tweezer top formation
I have placed a conservative stop loss which is 50 pips.
- Profit Target 1 is the 125.00 resistance zone which lines up with the daily trendline (outer structure).
- Profit Target 2 will be a lower low at the 4hr Fib 27% extension.
Transaction en cours:
Entered on the 4hr bearish engulfing candle which closed below the fib 0.618 level
Commentaire:
Nice 4hr bearish pin bar candle... more downside to follow