Short EUR/JPY

5 giorni fa

My Trade Idea:

I'm looking to capitalize on supply and demand zones in the EUR/JPY market.

Supply Zone: I've identified a strong supply zone around 163.580. This area saw a lot of selling pressure in the past, and I expect the price to encounter resistance here again.

Demand Zone: Below that, I've marked a demand zone that saw strong buying pressure previously, and I expect the price to find support here.

Entry Strategy:

Short Entry: If the price approaches or breaks below the supply zone at 162.330, I'll initiate a short position.

Take Profit Target:

My take profit target is set at 161.434. This level represents a significant price move from my entry point and offers a good reward-to-risk ratio.

Stop-Loss:

For Short Entry: I'll place my stop-loss above the supply zone at 163.960. This limits my potential losses if the price moves against my position.

Timeframe:

I'm analyzing this on a 4-hour chart.

Risk Management:

I'll strictly adhere to my stop-loss orders.

Next Steps:

I'll monitor the market closely and wait for the price to approach my entry points. I'll also keep an eye on any news or events that could impact the EUR/JPY pair.

Disclaimer:
Trading involves risks, and past performance is not indicative of future results. I've carefully considered my risk tolerance and will only trade with capital I can afford to lose.

Let me know if you'd like to discuss any specific aspects of your strategy in more detail!