GOOD EVENING STEEMIT!
I’m still buzzing I bought the dip in NEO, but I’m staying in the day trading game with one of my favourite forex crosses to trade. As you more experienced traders on the stream will no doubt know, not all forex pairs (ESPECIALLY the forex crosses) are created equal. But there’s just something about EUR/JPY that keeps it trending with good solid moves that suit my trading style.
So today I’ve got a bread and butter forex trade on EUR/JPY today with some nice higher time frame levels to manage risk around, while monitoring the intraday price action. There’s plenty more intraday levels to play with, so let’s do this shit!
First up, we’ve got the EUR/JPY higher time frame chart, with a look at the daily.
EUR/JPY Daily
Here you can see that we’ve got price clearly respecting the bullish trend line support level before breaking out through swing high resistance. Yes price consolidated a bit at those highs, but it hardly managed to pull back at all before ripping again. Yes, momentum!
The arrow I’ve whacked onto the chart shows the spike down where price pulled back to retest the previous horizontal resistance level, this time as support. The added confluence with the trend line just adds to the reasons why this level is legit.
Now take a step down the timeframes and your intraday chart of the day is the 4 hour.
EUR/JPY 4 Hourly
This is where things start to get really interesting for the day traders. Here we have price once again having pulled back shorter term, retesting the intraday support level, just that little bit higher than the one we marked on the daily.
This is the type of pullback that I look for to initially get long here with my stop below the daily zone. If price continues to rally, I’ll look to add in and build a juicy long while keeping my risk minimal.
If the setup plays out, I’ll try to keep Tweeting updated charts and include them in the comments section here so make sure you give me a follow on both platforms to stay up to date.
Peace!
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