New Trade! EURJPY Short
Hey everyone!
After some off-the-charts time (had some personal stuff going on), we’re back with the challenge!
I decided to take a short trade in EURJPY in a slightly smaller time-frame (H1). In H4 we see a strong supply zone that triggered a strong bearish push a few days ago. In H1 and M30 we have seen some price action confirmation about the markets continuing with a bearish push.
M30:
I consider that if the market does keep the 164.90 area as a resistance, we will eventually visit the next support area in the 163.60 area, where I decided to place the first profit target.
Considering H4 as the bigger picture time-frame, I do think we’re due for an extended bearish move, potentially towards the 160.50 zone, where I’d consider taking the second half of the trade out, making this a trade that can last for several weeks.
H4:
Given the recent conflict in the middle-east and considering that the market seems to be seeking safe heavens (which would make the JPY stronger, in this pair, moving the pair downwards), I see an argument for this position working out quite well. Full disclaimer, even after years of trading I’m still getting the hang of fundamentals hahaha.
Anyways, I’m excited to be back at the charts!!
As a side note, I’m also testing day-trading going from H1 to map out trades and executing between M15 and M3. Might consider trading live at some point in the future, so make sure to follow me in TradingVIew so you don’t miss that out!
Until the next trade!
TradingView Posting: $100k Challenge - EURJPY Short - E3 T2 for FX:EURJPY by FernandoBorea — TradingView
New Trade! AUDNZD Short
Hey everyone!
We have a new trade for the challenge!
In today’s trading session, I noticed that AUDNZD is showing strong signs of a reversal, specially considering that we just rejected a few days ago a quite old resistance that comes way back from October 2023. After which the market is making a retracement that sent the Stochastic in H4to the overbought area, which grabbed a lot my attention.
Then, in the H1 chart, we can see that the market has formed a resistance area that was rejected with a quite strong bearish momentum, so I checked a smaller time-frame to zoom-in to the recent price action, which revealed that the recent retracement started to show significant bearish price action, leaving a Doji bar right at the resistance, followed by a candle with a close below the Doji’s low, which gave me the green light to execute the trade.
Since we’re quite close to the resistance, I see this trade as a bit of a risky move, so I left the SL 1 ATR above the last H1 high (main Idea’s chart), and the plan is to consider taking the entry again around the H4 resistance in case we get stopped out in case we do see a valid entry pattern.
Regarding profit targets, I’m taking a slight deviation from the usual plan, as I’ll leave both TP open, since if we take a look at the zoomed out H4 chart, there is a massive potential for the trade in case the market indeed goes through a bearish shift.
Anyways, I hope you enjoyed today’s trade!
Until the next trade:D
TradingView Posting: Trader FernandoBorea — Trading Ideas & Charts — TradingView (Remember to follow me in TradingView too:D)
New Trade: EURNZD Short
Hey everyone!
We have a new trade for the challenge! In this case, I decided to also enter short in the EURNZD currency pair. While we have the AUDNZD trade running in profits, historically, the correlation between AUDNZD and EURNZD has been moderate (around 40% -50 %); therefore, we can also harvest some profits from this trade.
In the H4 chart, we see that the market held a bullish structure for a few months of 2024, breaking in early April. After that, the market tested a support area a few times and recently visited the resistance area in H1 (green zone).
In H1, we see a strong bearish rejection alongside a significant divergence between the price action and the stochastic oscillator, which signals a solid bearish presence in the market. Also, the price action suggests strong supply in the H1 resistance as the market reached the area with a relatively sizeable bullish strength and then immediately rejected the area without showing any significant demand opposition.
When zooming in to the M30 timeframe, we see that the market rejected the H1 resistance by showing a close below the low of the candle that printed the recent high, after which we see another large bearish candle closing significantly below the resistance, which I took as the green light to execute this trade.
Regarding profit targets, I’m shooting for the H4 support area around the 1.7900 zone for the initial target, keeping a standard approach of leaving half of the trade running if we see a breakdown from the support area, which would imply a sizeable bearish potential.
Let me know what you think of this trade idea in the comments! Remember to like and follow here and in TradingView to keep up to date with the challenge. 
Until the next trade!
TradingView posting: Trader FernandoBorea — Trading Ideas & Charts — TradingView
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