EURJPY ANALYSIS
Hello traders, EURJPY price rallied to a major supply level on H4 and the daily chart at 144.081 & 143.563 which is the origin of the previous drop to demand at 139.829 & 139.114. Price filled the major range from supply to demand and back to supply. Price rallied into supply, formed candle close inside supply followed by a drop in price out of supply showing a shift in market structure to bearish. Price dropped 100 pips to 142.862 then rallied back to 143.409 forming strong wick rejections followed by a drop. Took sell entries on 23rd June (Thursday) during late NYSE at 144.080 with SL at 144.380 after several failed attempts to get a good entry. Setup taken is a rally base drop, a reversal setup.
Price formed a wick rejection at supply on H1 & H4 followed by a drop in price and candle close below supply. Price dropped to 143.000, retraced to retest supply at 143.601 followed by a strong drop in one large bearish candle during London open showing heavy bearish momentum confirming the bearish sentiment. Price dropped 250 pips to the 1st demand level on H1 & H4 at 141.565 & 141.096, filling the 1st range from demand to supply and back to demand. Price reacted from the demand level causing a slight rally to the previously broken low at 142.100, closing out partial entries at demand before either a continuation of the drop or a shift in market structure to bullish.
Price reacted from the demand level in one large bullish candle followed by a series of bullish candles showing a possible shift in market structure back to bullish hence having to close out my runner entries at 142.445 in 165 pips profit. Markets closed with price at 142.707.
Price formed a wick rejection at supply on H1 & H4 followed by a drop in price and candle close below supply. Price dropped to 143.000, retraced to retest supply at 143.601 followed by a strong drop in one large bearish candle during London open showing heavy bearish momentum confirming the bearish sentiment. Price dropped 250 pips to the 1st demand level on H1 & H4 at 141.565 & 141.096, filling the 1st range from demand to supply and back to demand. Price reacted from the demand level causing a slight rally to the previously broken low at 142.100, closing out partial entries at demand before either a continuation of the drop or a shift in market structure to bullish.
Price reacted from the demand level in one large bullish candle followed by a series of bullish candles showing a possible shift in market structure back to bullish hence having to close out my runner entries at 142.445 in 165 pips profit. Markets closed with price at 142.707.
Comments
Post a Comment