Euro / Japanese Yen
Short
Updated

EUR/JPY Short Trade Update

202
Hey Guys!

As you guys know I currently have 2 short entries at 131.67-70 levels with both stop losses at 133.68 and the main target at 114. 40 .

Upon my 2nd entry, due to the failure of long strength retaining its pivot low, long strength began to kick back in with a recovery of price

back to the 1h minor pivot high. Then furthermore, a 1h upward trendline break out then break back in showed regained long strength.

However, I did not abort both short entries due to the reasoning, that if my weekly bias of being short, or in other words price will reach 114.40 before reaching 133.68 is wrong,

that 2nd entry point's price action of extreme long strength should not have failed, and prices should have shown extreme long price action before reaching its pivot low.

Thus, I retained both short entries with the specified risk parameters. Moreover, as we had the wild price action long, there were no signs of extreme lower time frame long strength.

That said, I did not enter a 3rd entry at this point due to only signs of waning long strength on the 1/5/15m charts.

So at this point, I will only be willing to take a 3rd short entry with the same risk parameters, if price can show me signs of extreme short strength. This will be for example, a 1h upward trendline

Break out, then immediate break back in showing long strength, but that pivot low still being reached for this shows that "Although there was long strength, short strength was able to override it", which shows extreme short strength.


Ok that's it guys!

I'll keep you guys updated!

Have a great day!

Ken

Disclaimer: This is not Personal Financial Advice.

snapshot
Trade active
Hey Guys!

Like I mentioned yesterday, I took a 3rd short entry on the Eur/Jpy with the same risk parameters as the previous 2 short entries with stop losses at 133.68 and the main target at 114. 40

Again, I took this 3rd short entry due to 5M extreme short term short strength like I mentioned I will be doing in the last post.

I'll keep you guys up to date!

Have a great day!

Ken

Disclaimer: This is not Personal Financial Advice.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.