On EURJPY 15 minute chart, a Head and Shoulder chart pattern has developed. Once PA is underneath neckline of H & S pattern volume will pick up too. You can either be a little aggressive with trading & trade bearish above neckline or wait for a retracement once PA breaks neckline back up to neckline, which is more conservative.
This coming week, I will be trading PUTS and/or Bear trades. PA is now under Ichimoku Cloud indicator & RSI is right under the 50 level too. Also, note EMA black 50 line, which is another indicator of direction to trade in.
The 15 mn charts I use to trade 1 hour trades & 5 mn charts I used for 15 minute trades. Longer trades give you less noise with PA. *Note: Once I see a chart reversal pattern on a chart- I consult with 1 minute chart for entry candles.
Remember: Trading is about entries or starts of trades and the length of times involved, both have to be right.
This coming week, I will be trading PUTS and/or Bear trades. PA is now under Ichimoku Cloud indicator & RSI is right under the 50 level too. Also, note EMA black 50 line, which is another indicator of direction to trade in.
The 15 mn charts I use to trade 1 hour trades & 5 mn charts I used for 15 minute trades. Longer trades give you less noise with PA. *Note: Once I see a chart reversal pattern on a chart- I consult with 1 minute chart for entry candles.
Remember: Trading is about entries or starts of trades and the length of times involved, both have to be right.