Short On EURJPY After A Reversal Signal And A Confluence Of Resistance Levels.

  • Posted on: 21 July 2015
  • By: strategist
Short On EURJPY After A Reversal Signal And A Confluence Of Resistance Levels.

This trade is a great example of confluence and many technical factors. I'm excited about it since I haven't done any of these trades in a while.

As we know the EUR has been weakening lately with the Greek Situation, etc. EURJPY was mostly trending down on the daily chart. The important dynamic S&R levels of the 200EMA, the 20EMA and the 50EMA converged. A bullish move has reached that level. Look at the pin bar of July 14 and the following doji that formed. This was a sure-shot short signal and I executed a short trade on July 15 without hesitation with a target the next support level. I closed the trade before that level was reached since it was the end of the week and I didn't want to risk holding the trade over the weekend considering the shaky EUR situation. Still a nice gain.

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Thank you and green pips to all of you!