EURJPY - Follow The Bears!

17 июн.

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈 EURJPY has been overall bearish, trading within the falling red channel.

Currently, EURJPY is undergoing a correction phase and it is currently approaching the upper bound of the channel.

Moreover, it is retesting strong supply zone marked in blue.

🏹 Thus, the highlighted red circle is a strong area to look for trend-following sell setups as it is the intersection of the blue supply zone and upper red trendline acting as a non-horizontal resistance.

📚 As per my trading style:
As #EURJPY approaches the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich