My comments on the EURJPY:
I do like this pair when there is a small trend.
5 possible set-ups with some difficulty to draw a proper small resistance line. Initially a fast move from the 10MA (1 & 2). #2 was a possiblity just because of my daily pivot level (resistance found). Then the speed change to meduim (3). And what a beauty of a set-up.
As you can see, on EURJPY I use 0.5/-0.5 line as barriers. I would have entered on #3. Possible trade on #4 just because of the flat pullback and you still have room to next pivot level (blue) - but take profit quickly. For sure I won't take #5 because it is so late in the run (already 60pips+ run - beat 1 or 2)) and the higher low (a).
But like I said in the chat - the high risk trader could have made 10 pips with #5.
I do like this pair when there is a small trend.
5 possible set-ups with some difficulty to draw a proper small resistance line. Initially a fast move from the 10MA (1 & 2). #2 was a possiblity just because of my daily pivot level (resistance found). Then the speed change to meduim (3). And what a beauty of a set-up.
As you can see, on EURJPY I use 0.5/-0.5 line as barriers. I would have entered on #3. Possible trade on #4 just because of the flat pullback and you still have room to next pivot level (blue) - but take profit quickly. For sure I won't take #5 because it is so late in the run (already 60pips+ run - beat 1 or 2)) and the higher low (a).
But like I said in the chat - the high risk trader could have made 10 pips with #5.
Willem
Forex recipe for success = Patience, discipline & hard work.