This setup was done before the market opened. The break came so it’s now too late to enter. I’m still in it from the setup I had last week. Price broke out of the channel and I’m expecting a pullback soon maybe even back in the channel then up again. I will remain bullish until price breaks below the lowest grey zone.
The current trend for EURJPY is bullish but taking note of that hammer, which could’ve been a reversal indicator. If price continues down from that hammer and breaks the low marked by the grey line it could mean a reversal and I would take a sell if I got a strong break. However, if price wipes out that hammer and breaks above the tail I would be comfortable taking a buy entry above. Which in my eyes would indicate the bullish trend will continue.
GBPJPY has been extremely bullish I even had a few entries running already and there another one has been triggered. This setup was simple, if price breaks the high, bullish trends continues and if price breaks the low marked it would be a break of the trendline and would indicate to me a more bearish move but that didn’t happen so I’m riding the wave up.
Textbook setup I’m looking for a break of this triangle. Price is clearly converging and I’m expecting a break out this week. Break above top grey line I will buy break below the bottom one and I will sell.