Euro / Japanese YenShort
Short EUR/JPY
My Trade Idea:
I'm looking to capitalize on supply and demand zones in the EUR/JPY market.
Supply Zone: I've identified a strong supply zone around 163.580. This area saw a lot of selling pressure in the past, and I expect the price to encounter resistance here again.
Demand Zone: Below that, I've marked a demand zone that saw strong buying pressure previously, and I expect the price to find support here.
Entry Strategy:
Short Entry: If the price approaches or breaks below the supply zone at 162.330, I'll initiate a short position.
Take Profit Target:
My take profit target is set at 161.434. This level represents a significant price move from my entry point and offers a good reward-to-risk ratio.
Stop-Loss:
For Short Entry: I'll place my stop-loss above the supply zone at 163.960. This limits my potential losses if the price moves against my position.
Timeframe:
I'm analyzing this on a 4-hour chart.
Risk Management:
I'll strictly adhere to my stop-loss orders.
Next Steps:
I'll monitor the market closely and wait for the price to approach my entry points. I'll also keep an eye on any news or events that could impact the EUR/JPY pair.
Disclaimer:
Trading involves risks, and past performance is not indicative of future results. I've carefully considered my risk tolerance and will only trade with capital I can afford to lose.
Let me know if you'd like to discuss any specific aspects of your strategy in more detail!
I'm looking to capitalize on supply and demand zones in the EUR/JPY market.
Supply Zone: I've identified a strong supply zone around 163.580. This area saw a lot of selling pressure in the past, and I expect the price to encounter resistance here again.
Demand Zone: Below that, I've marked a demand zone that saw strong buying pressure previously, and I expect the price to find support here.
Entry Strategy:
Short Entry: If the price approaches or breaks below the supply zone at 162.330, I'll initiate a short position.
Take Profit Target:
My take profit target is set at 161.434. This level represents a significant price move from my entry point and offers a good reward-to-risk ratio.
Stop-Loss:
For Short Entry: I'll place my stop-loss above the supply zone at 163.960. This limits my potential losses if the price moves against my position.
Timeframe:
I'm analyzing this on a 4-hour chart.
Risk Management:
I'll strictly adhere to my stop-loss orders.
Next Steps:
I'll monitor the market closely and wait for the price to approach my entry points. I'll also keep an eye on any news or events that could impact the EUR/JPY pair.
Disclaimer:
Trading involves risks, and past performance is not indicative of future results. I've carefully considered my risk tolerance and will only trade with capital I can afford to lose.
Let me know if you'd like to discuss any specific aspects of your strategy in more detail!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.