The pair EURJPY indicating the valid signs for a sound buy limit.
In a day time frame, at 137.118 the market emitted an impulse candle and let the trend moves in downward from sideways.
After the trend change, signals moved in a closed channel trend as a combination of impulse and correction(shown in the graph).
At 129.822, the market printed an impulse to break the trend and got out.
As for now, the price range moving around 130.529.
Henceforth, the price range may move in two ways,
It may print an direct impulse to the top (or) A fall in the bear area with a pullback setup and an impulse to the roof (shown in the graph).
If it pullback and an impulse mean, the chart will execute a thunderbolt structure.(i.e) the price range will fall and tend pullback setup and an impulse to the top.
In this case, the best entry place could be the throwback point from the support zone (shown in the graph).
However, place the buy limit at previous resistance trend 136.689 (shown in the graph).
If the throwback doesn’t appear mean, end the trade at 119.137
Pending entry: 121.703
Stop loss : 119.137
Take profit: 136.689
Risk Vs Reward:5.79
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Trade signals would usually have a risk to reward ratio of 1:2.
It means that even 2 out of 4 signals hits their SL marks, the other two would have closed with profit.
This allows you to be good in overall pips profit.
Signals are usually inter-day (Based on the daily candle) therefore, trades would usually have a holding time of an average minimum of 24 hours.
Note: Everything works with Best money management.
Note: Please leave comments for any query.
Disclaimer: This is my trading experience, it is not an invite or recommendation to trade.
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