Trade77; EURJPY Daily Trendline 7pm


Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

Price sharply bounced off the daily trendline I mentioned in twitter and decreased around 250pips in a day. Here I want to write about a possible short setup in this pair.

You can see that cruel bearish candle which has engulfed previous 5 bars and now this slow bullish move could be a correction of that candle. So let’s zoom into the H4 chart in order to find a good entry:

As you can see there is a pennant formation in the H4 chart and also higher highs and lows are indicating that we are in a short-term bullish trend. So the best place to go short would be a break of beneath trendline and also previous low at 112.19. Look for 111.50 as the first target and then 110.40 for the second target.
A break of the upper trendline will make this setup invalid and we should wait watch price action for another setup.

Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.
If you want to receive my weekly report you can fill in the form here and we will send it directly to your email address.

Regards

Copyright secured by Digiprove © 2011

The following two tabs change content below.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

Latest posts by admin (see all)

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news

  • Anonymous

    Hi Adede, I’m sorry by hearing that. Add me on Yahoo: forex.manimohseni

  • Anonymous

    Thank you Thomas, That’s a good idea, I have to arrange a plan to do that.