EURJPY Signal (look at the risk reward ratio on this trade)
Hey traders, hope everything is well so far this week.
We dont have a ton of fundamental releases this week… some traders say that’s a good thing, and some other traders dont like the idea (they like more volatility).
From my point of view… I like it, because the market makes clearer moves, yes, sometimes it doesn’t move that much… but those moves are driven by the sentiment of the market… not by the lure of fundamental trading…
Whats your take about it?
Ok, now lets get to some charts…
If this trade hits my take profit order, it will be the trade with the largest TP order ever in my life…
Let me show you some charts:
As you can see, the EURJPY clearly broke through an important resistance level (136.24), and now it is likely to continue its way up until it reaches the next LT resistance level at 149.13.
The EURJPY is currently trading at 140.04, so go figure, more than 900 pips before it hit the next LT resistance level.
You like that?
I do. A lot.
And here is how the Hourly chart looks like:
It is trading in a clear short term range, from 140.92 and 139.26, and since it is in a bullish condition, we can look for long trades.
A breakout trade would make sense here, so here are the details of my order:
Entry stop order: 141.20
I want you to do a favor for me, can you calculate the risk reward ratio of this trade?
This is the type of trades that can turn around the whole month, this is the type of trades that we need to look for, the ones that have the greatest profit potential.
What currency pairs are you currently trading/monitoring?
What do you think about muy EURJPY signal?
Share your thoughts.