Hello traders always good to be with you as we are still in a crazy market so be on alert at all times when in a trade. The past four days we have really seen very little price action and it is a slow and boring market. We have a Holiday on Monday July 4th and it looks to me as the traders saw the month and quarter end and decided to take the rest of the week off and come back on July 5th Tuesday. We have some high impact data in NY session and the ECB president is speaking at the US market open.
The pair we are looking at the EURJPY is a crazy trade plan and I feel we can get this done by the end of the U.S. session. We can see that this is a bearish trend and my focus is that 200 EMA and I would like to see price pull back to the 115.58 price level and look for a bearish candle pattern with conformation from a smaller time frame maybe the 30 minute. I am looking to take profit at the price level of 114.50 support is just below that price. This is a big pullback so it will take some time maybe have to place a entry order in if it gets to late to wait for price to get to our level. We traders just have to be patient with price action as it is sluggish the past few days.
Thank you traders and talk with you soon……William
FX Instructor Forex Blog – For Traders, By Traders
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