For those of you already Swinging EURJPY pair, congratulation. You also made tons of pips.
If you tried to short this pair yesterday, I am sorry my setup didn’t work, as the price dropped without any pullback. It was simply… gone! 🙂
Let’s try it again.
All the candles are under 21EMA on D1, H4, H1 and M15 timeframes. So I will just consider Short trade.
The above is H1 chart. Currently the price is at the Support zone. Thus I imagine we will see a little bounce up, then we can short.
I would like to short from
1) 21EMA (133.50 ish)
2) DPP (133.94)
However, if the price keeps dropping without pullback (just like yesterday), we can short from the current support level (133.35 ish).
As for the target, (for both Swing trades and Day trade) I would like to suggest 132.20 ish – the previous bottom on H4 chart.
Also … in this kind of clear downtrend, the simple strategy tends to work better. How about
- 21EMA < 55EMA (this is met already)
- 5EMA/8SMA cross down -> Sell, 5EMA/8SMA cross up -> Exit
on any timeframe (H1, M15, M5).
YJ Baik – Forex.Today @ Tokyo