Before you continue, we want to make sure you understand that this is a past trade idea found inside The Price Action Club which is a premium Price Action trade signal service. This post is 1 week delayed and this idea is no longer valid but the lesson is still valid. We post this to show you what is inside the Price Action Club. It would be awesome if you join us to learn and to trade our trade ideas. We hope to see you inside the Price Action Club soon. Click here to join us…
Join The Price Action Club Here…
EURJPY Price Action Analysis – 1st Aug 2017
EURJPY has been on a strong bull trend on the Daily chart. Moreover, according to the H4 chart, the pair produced a huge H4 bullish candle after making a Double bottom. It seems that the price has found its resistance at 130.575. If we get a breakout at that level, then buying the pair would get us some green pips.
EURJPY Price Action Analysis – 1st Aug 2017
See the H4 chart produced a Double bottom at the level of 129.620. Then, the price went up to 130.575 and started having consolidation. The level of 130.220 seems to be a level, which has the potential to be a good level of support. If this level produces an Engulfing H4 candle and breaks out the level of 130.575, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 130.600
- Stop Loss Level: 130.200
- Take Profit Target: 131.100
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Last two months the Forex market has been very sluggish. Today is the first day of August. It means we are in the last quarter of the year. I hope that the market will come back to its usual mode from this month. The market would be hot until November as it normally goes every year. The last FOMC, which took place on the last Thursday, and the next NFP, which will take place on the next Friday might play a significant role in the market for the next coming four months.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: EURJPY Price Action Analysis – 1st Aug 2017
Join The Price Action Club Here…
The post EURJPY Price Action Analysis – 1st Aug 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment