EURJPY trade

Randy BalcomTrades

There is a trade in the EURJPY pair, and here is the methodology:

The weekly chart is showing weakness in the MACDBB with upcoming Dynamic Zone to the short side. Price is also near 2017 highs

On the daily chart we have congestion with a Zone to the downside (the red rectangle) there is also weakness in MACDBB with a short signal.

On the 4 hour chart we also have a Dynamic Zone below current price action.

This is a 4 hour trade and the trade has already triggered. For proper risk to reward, a limit order should be placed at 134.97. Allowing the market to rebound. The stop should be placed above recent price action at 136.120 and the target should be just above the dynamic level and lower portion of the Zone at 133.763

Note: The trade is canceled if price fills the 4 hour rectangle by 70% (134.209)

Forex Risk Disclosure

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.