EURJPY, after making a massive breakout towards the South by producing a strong bearish H4 candle, seems to have started having an upward correction. The pair, nonetheless, favors only to go with short as far as the H4 chart is concerned. However, if we are to go short, we must make sure that we start selling the pair from a value area to make most of it by taking less risk. Let us now find out those areas to go short from, take profit and stop loss level by having a look at the H4 chart.
EURJPY Price Action Analysis – 5th Dec 2018
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See that massive H4 candle that made the breakout at the level of 128.290. There is a Double top as well. This means the move we are aiming at, would be a strong bearish move. We should wait for the price to go back to the breakout level and to produce an H4 bearish engulfing candle right at the level of 128.290 to ride on that bearish move. Let us have a look at the summary of the trade…
- Sell Limit Order: 128.290
- Stop Loss: 129.300
- Take profit: 127.100
- 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
The Gold market was very active yesterday as well. It seems that the traders of Gold have been very active lately. This is good for the rest of the pairs. If the Gold market makes significant moves, the whole financial market moves with it to some extent. Let us hope that it stays like this.
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