The EURJPY is having difficulty breaking above the 129.00 level, but the 55 and 200 day EMAs around the 130.00 level could act as resistance. To the downside, the 128.14 level may act as support.
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- #4,775
- Nov 14, 2018 4:31am Nov 14, 2018 4:31am
- Joined Jun 2011 | Status: Swing trader using Market Cycles | 2,152 Posts
On Daily timeframe we have a potential head&shoulders formation wich could lead to a breakout downside.
4h timeframe reveal aggresive sellers into the Right shoulder(unconfirmed since the neckline isn't broken) by making a shaaarp decline through 2 previous Higher Lows.
Trading Market participants actions is similar with following the trend. In this case, because we have LL on Daily timeframe, we try to anticipate a new LH wich can be the right shoulder.
Selling at the breakout of support on 4h is the next logic step to follow the Market maker moves.
Don't forget the trade management : protect your trade after a quick decline. There is no guarantee the TP will be hit.
4h timeframe reveal aggresive sellers into the Right shoulder(unconfirmed since the neckline isn't broken) by making a shaaarp decline through 2 previous Higher Lows.
Trading Market participants actions is similar with following the trend. In this case, because we have LL on Daily timeframe, we try to anticipate a new LH wich can be the right shoulder.
Selling at the breakout of support on 4h is the next logic step to follow the Market maker moves.
Don't forget the trade management : protect your trade after a quick decline. There is no guarantee the TP will be hit.
Money moves the market, not an indicator.
- #4,779
- Nov 15, 2018 3:34am Nov 15, 2018 3:34am
- Joined Jun 2011 | Status: Swing trader using Market Cycles | 2,152 Posts
On Daily timeframe we have a potential head&shoulders formation wich could lead to a breakout downside. 4h timeframe reveal aggresive sellers into the Right shoulder(unconfirmed since the neckline isn't broken) by making a shaaarp decline through 2 previous Higher Lows. Trading Market participants actions is similar with following the trend. In this case, because we have LL on Daily timeframe, we try to anticipate a new LH wich can be the right shoulder. Selling at the breakout of support on 4h is the next logic step to follow the Market maker moves....
Money moves the market, not an indicator.
