Price is currently bearish overall so I am only looking for sells.
Price has made a double bottom and created a support level. I am going to wait and see what price does because there wasnt a lower low made yet and I do not want to enter a sell at just anywhere. There are three ways I am looking to enter a trade:
1. Price closes below the support showing bearish pressure in the market and signs it will make a lower low
2. I am going to wait for price to test the resistance level and look to get in a sell after 2/3 rejections of that level on the 15 min or if there is a double top formed on the 5 min. I will put my SL above market structure so that I will have a small stop loss with a great 1-3 RR trade setup to target the support level just in case it starts ranging.
3. If price breaks that resistance level and stops me out I will likely be looking for buys as that will mean a higher high was formed and look to enter on the higher low.
Hope this helped give you an insight to how I currently see the structure of EURJPY.
Make sure to drop a like and leave a comment below :)
Price has made a double bottom and created a support level. I am going to wait and see what price does because there wasnt a lower low made yet and I do not want to enter a sell at just anywhere. There are three ways I am looking to enter a trade:
1. Price closes below the support showing bearish pressure in the market and signs it will make a lower low
2. I am going to wait for price to test the resistance level and look to get in a sell after 2/3 rejections of that level on the 15 min or if there is a double top formed on the 5 min. I will put my SL above market structure so that I will have a small stop loss with a great 1-3 RR trade setup to target the support level just in case it starts ranging.
3. If price breaks that resistance level and stops me out I will likely be looking for buys as that will mean a higher high was formed and look to enter on the higher low.
Hope this helped give you an insight to how I currently see the structure of EURJPY.
Make sure to drop a like and leave a comment below :)