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Eurjpytrade

Price Action Lesson: The Basics of How to Read PriceHey Guys! Just wanted to put up a quick Price Action Lesson on How to Read Price. I demonstrate this foundational element of reading price with a current eurjpy short trade I'm currently in. The Key point of the lesson is simply: Directional movement of price is irrelevant when it comes to reading price. What's important is "How Price Gets from Point A to Point B". So even if price moves up, if there is no signs of strength in the same direction, that move up will be unsustainable. Moreover, this foundational way of looking at price movement is what allows a trader to always be one step ahead of the market and thus not chase the market. Ok! I hope this helps guys! Have a great day! Ken Disclaimer: This is not Personal Financial Advice.
Education
by TradingForexPriceAction
1
EUR/JPY Short Trade UpdateHey Guys! As you guys know I currently have 2 short entries at 131.67-70 levels with both stop losses at 133.68 and the main target at 114. 40 . Upon my 2nd entry, due to the failure of long strength retaining its pivot low, long strength began to kick back in with a recovery of price back to the 1h minor pivot high. Then furthermore, a 1h upward trendline break out then break back in showed regained long strength. However, I did not abort both short entries due to the reasoning, that if my weekly bias of being short, or in other words price will reach 114.40 before reaching 133.68 is wrong, that 2nd entry point's price action of extreme long strength should not have failed, and prices should have shown extreme long price action before reaching its pivot low. Thus, I retained both short entries with the specified risk parameters. Moreover, as we had the wild price action long, there were no signs of extreme lower time frame long strength. That said, I did not enter a 3rd entry at this point due to only signs of waning long strength on the 1/5/15m charts. So at this point, I will only be willing to take a 3rd short entry with the same risk parameters, if price can show me signs of extreme short strength. This will be for example, a 1h upward trendline Break out, then immediate break back in showing long strength, but that pivot low still being reached for this shows that "Although there was long strength, short strength was able to override it", which shows extreme short strength. Ok that's it guys! I'll keep you guys updated! Have a great day! Ken Disclaimer: This is not Personal Financial Advice.
Short
by TradingForexPriceAction
3
EUR/JPY Short Entry UpdateHey Guys! As you guys know, last Friday I took a Short Entry at 131.67 with a stop loss at 133.68 and the main target at 114. 40 . 2 hours ago, I took another short entry at 131.70 with the same risk parameters. The reason for the 2nd entry short was due to short term short strength coming back in . As you can see on the chart, first there was a 1m fake double bottom that reached its target height level before reaching the 2nd bottom's stop loss level. This signals short term long strength. Moreover, there was a 1h upward trendline breakout then immediate break back in. Which also signals short term long strength. Now, if there was truly short term long strength, price should not reach the 1h pivot low of the break back in confirmation and the 1m fake double bottom. However, price reached that pivot low. Signaling, that although there was short term long strength, short term short strength was able to over ride it, showing strong short term short strength. So for the time being, I have 2 short positions with the risk parameters mentioned above. But since price is making rather complicated short term signals, I will be watching for any signs of short term long strength kicking back in. If it does, there is the possibility that I will abort both positions to see if I can get a better short entry at higher levels. I'll keep you updated! Have a great day guys! Ken Disclaimer: This is not Personal Financial Advice.
Short
by TradingForexPriceAction
3
EUR/JPY Short Trade UpdateHey Guys! I took a Short Entry at 131.67 with a stop loss at 133.68 and the main target at 114. 40. As you know in my last update, I was talking about short term long strength coming back in, but yesterday, price began to give mixed signals. I was expecting a possible nfp range however, I got an nfp wild price action situation.( Price commonly gives mixed signals and price moves wildly on nfp days) None the less, I took a short entry at the specified level. Moreover, there was still short term long strength on the 15M chart with a Upward trendline breakout and immediate break back in, so typically I would wait for a deeper pullback for the short entry however; Due to it being a nfp release day, and price can possibly move erratically, I entered a short position. For the time being, I will see if I can get a further pullback to perhaps 132.67 for another short entry. Like always, I will be watching the lower time frames for signs of short term long strength to wane. If it does not wane close to the stop loss level of 133.68, I will abort both short positions. That's it! Have a great day guys! Ken Disclaimer: This is not Personal Financial Advice.
Short
by TradingForexPriceAction
3
EURJPY Short Bias .Waiting for Pullback for Short Entry. UpdateHey Guys! As you know, I'm currently waiting for a pullback to at least 131.67 for a short entry with the stop loss at 133.68 and the main target at 114. 40 . Here's an update! On the left side of the chart this was consistently short term short strength confirmed by upward trendlines break outs and no immediate breaks back in. ( No---! For I want long strength to kick back in for the short entry!) Then in the middle of the chart, price began to base out with consecutive 1h downward trendline break outs and no immediate breaks back in. ( Yes!! For short strength began to wane a bit!) Soon after the 1H chart began confirming long strength with the upward trendline break out and immediate break back in. (Double Yes!! For long strength kicking back in!) However, at the recent 1h highs, price is giving mixed signals. A 1M Fake Double Top that went its target height.(Showing short term short strength) and moreover, a 1h upward trendline Break out, but no immediate break back in. (Also showing short term short strength) However, if there was truly short term short strength, the 1M Fake Double Top's 2nd Top price level should not be hit. So, at the current moment, price is likely to range a bit. Perhaps a NFP consolidation. But for the time being, I'll still be waiting for a 131.67 pullback for a short entry. Moreover, if the NFP release happens to be the catalyst for the pullback, I may give it a couple of days to see if I can get an even better short entry price. Perhaps at 132.67 with the same risk parameters. OK! That's it for the update! Have a great day guys! Ken Disclaimer: This is not Personal Financial Advice.
Short
by TradingForexPriceAction
1
EUR/JPY WILL IT MAKE THE RETRACEMENT?Monthly The price is moving between supply and demand. The price is currently on the way to the supply area. We can definitely expect the price to reject the supply area. Weekly Price is currently over extended. When price is over extended we can expect a correction. We could definitely expect the price to reach a little higher before the correction to the down side. Daily The price is currently creation higher highs and higher lows. The price is definitely in an up trend. When the price switch to bearish structure we can start looking for entry's. In general we have to wait for the change of environment to the down side in M,W and D to look for a short opportunity. Also remember, to have better point of entry we have to look in lower time frames.
Short
by Wiiso
EUR/JPY Short Trade UpdateHey Guys! As you know, I'm currently waiting for a pullback to at least 131.67 for a short entry with the stop loss at 133.68 and the main target at 114. 40 . On the last 4h move up I didn't get the pullback to my entry level at 131.67 by roughly 8 pips!(Wha-----t?) So I've been watching the lower time frames for signs of short term long strength to see if I can get that pullback. In this video, I show how I was able to tell that we will be getting a move down for the last week or two. Just a short explanation of reading strength of the longs or shorts through price action. So I'll keep you guys updated with this set up! Have a great day! Ken Disclaimer: This is not Personal Financial Advice.
Short
by TradingForexPriceAction
1
Confirming Trends with the Lower Time Frames EUR/JPY ExampleHey Guys! As you know, I'm currently waiting for a pullback to at least 131.67 for a short entry with the stop loss at 133.68 and the main target at 114.40. Like always, I'm watching the lower time frames to confirm whether or not I will get this pullback to 131.67. During the initial move long there were several confirmations of short term long strength on the 1M-15M charts through Trendline break outs then immediate breaks back into the trendline. ( Immediate break back in means: the break out candle's close and the break back in candle's open is at the same price level) Thus was expecting short term long strength. However, 8 pips from my short entry level, there was a legitimate 15M Head and Shoulders that went it's target height level before reaching the right shoulder's stop loss level. Signaling waning short term long strength. ( If long strength was present, price should ignore the H&S and not reach it's target height price level and stop traders out at the right shoulder's stop loss level. )( I can't explain the details here.) So price did not reach my short entry level at 131.67 by a whopping 8 pips! (Yikes!!!!) Soon after, there was a 4h trendline break out with no immediate break back in further signaling 4h waning long strength.(Ti----mberrrrr!) Currently, there was a downward 1h trendline that was broken out to the long side, with no immediate break back in signaling "slight" waning short term short strength. ( I say slight due to the 1h Trendline not being as prominent as I would like to signal waning short strength.) In this way, I measure whether or not I will get a pullback for higher time frame entries (Weekly trade in this case) using the lower time frames to confirm short term long/short strength. However, I also use this method to confirm higher time frame trends. Or as I like to call it, higher time frame "biases". I'll keep you guys updated with this short set up! Have a great day guys! Ken Disclaimer: This is not Personal Financial Advice.
Education
by TradingForexPriceAction