EURJPY H4 - Bearish Rectangle - Short Term Set-up
There is the potential for a short-term sell off in the
EURJPY
with a break of the Lower Range Support Line @ 131.850.
We are looking for a break of support at 131.850. If we get this break we will be looking for 3 profit targets and taking partial profit at each one.
If we get that break over the course of the next few sessions, here is what our trade plan looks like:
ENTRY
Pending SELL STOP at 131.850
STOP
Place stop at 132.300
TARGETS
Target #1 - 131.215 - if hit we will close out 60% of our position
Target #2 - 130.630 - if hit we will close out 50% of our remaining position
Target #3 - 130.180 - if hit we may take full profit or take 80% of remaining position and let the other 20% ride the trend with a trailing stop of 25 pips.
EURJPY
with a break of the Lower Range Support Line @ 131.850. We are looking for a break of support at 131.850. If we get this break we will be looking for 3 profit targets and taking partial profit at each one.
If we get that break over the course of the next few sessions, here is what our trade plan looks like:
ENTRY
Pending SELL STOP at 131.850
STOP
Place stop at 132.300
TARGETS
Target #1 - 131.215 - if hit we will close out 60% of our position
Target #2 - 130.630 - if hit we will close out 50% of our remaining position
Target #3 - 130.180 - if hit we may take full profit or take 80% of remaining position and let the other 20% ride the trend with a trailing stop of 25 pips.
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At the top of Rectangle. Adjust trade idea for a bounce to the south.
Place a SHORT at 133.500 with a STOP at 134.450
Ride the wave down as we potentially set-up a double top pattern.
Place a SHORT at 133.500 with a STOP at 134.450
Ride the wave down as we potentially set-up a double top pattern.