EJ Analysis 29/09/2020We are currently trading in a 15 pip range. If we break resistance, and form support on lower timeframes, buys could be valid up to the next form of resistance as there is a 15 pip range to target, however I have highlighted a zone we need to watch with caution as it is a previous rejection area. This is why I would prefer sells, we have a much cleaner 18 pip range to fill with no barriers. So if we close below support, and form resistance on lower timeframes, sells would be a solid option.
EJ
EJ Analysis 28/09/2020 -- UpdateThis analysis played out perfectly, Price broke resistance and created a support on the 15m timeframe, when the 15m candle broke the high of the previous candle after creating support, we executed buys with our stops below the current 15m candle and out 3 take profit points highlighted on the chart from before, all three TPs were smashed and price ended up rejecting off our final target, making this a perfect trade.
EJ possible longtnice uptrend on EJ looks too good to miss out on. i want price to come back and test the trend line and support again so our entry is good, this also correlates with the 0.5 fibonacci level. all of these confluences together if we see nice rejections should give us a nice edge over the market. this mixed with good risk management and your most of the way there to becoming profitable
Confluence in EURJPYOn the daily we have a typical inverse head and shoulders (blue) cup and handle (green) confluence. We are approaching a huge supply zone.
The confluence on this chart is uncanny, if you zoom out you will see.
Long to the grey target and the green target is if we break the massive symmetrical triangle.
Big buy coming up within the next couple days.
eurjpy long than shorteurjpy has broken and retested the ltf grey zone and created a bullish engulfing which shows me buyers are in power. Waiting on the indecisive candles to either cause another breakout to the upside or to retest grey zone.
main bias for eurjpy is still short due to daily supply/4hr zone (green)
Top Down Analysis at its bestMONTHLY TIMEFRAME
Price is currently trending down and now we can see some consolidation from last month and this one too.
A test of the 0.382 level on this fib has been achieved. The downward trend to continue
WEEKLY TIMEFRAME
An M-formation pattern is to complete here and more confluence to go for downward movement.
DAILY TIMEFRAME
Price has touched and is currently retesting 123.983 resistance level.