Euro/Yen's Bounce Off Resistance on the Hourly

Euro/Yen's Bounce Off Resistance on the Hourly

19 December 2016, 23:18
Leonardo Barata
0
39

Background: Weak
Entry reason (1st trade): Low volume up bar on resistance, with weakness behind
Close reason (1st trade): Demand signal
Entry reason (2nd trade): Low volume up bar and failed test

 

Following up on last week's post about Euro/Yen, upon reaching the resistance, this pair continued to show supply just above the zone at 123.44, and the background soon turned weak.

  1. First short trade on the break of a low volume up bar, inside the weak zone. Closed when there was a demand signal, and the trad barely broke-even.
  2. I took another short trade on the break of a low volume up bar. This was also a failed test, which showed further supply. Holding the trade until the support at 120.900, or further strength in the market.
Know more: https://www.analyticaltrader.com

 


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